Gerald, the first challenge you are going to find with this deal as it relates to lenders is the small purchase price and therefore small loan amount. 

You can select the amount of the deductible, usuallyranges from $500 to $5,000.

@Christopher WestUsually there is a minimum loan amount, not sure about a VA loan but I've heard 50k is around the smallest loan you can typically get on a residence.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

I have listed foreclosures in the past and typically there is a time frame that the personal property has to be kept, but only if it is over a certain dollar amount.

If it doesn't appraise for the asking amount, then basically I would have to bring the difference to the table, or walk from the deal, right?

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

The rent roll is below market, and the building itself needs a good amount of work (Estimate roughly $500,000+ worth of work)3.

Biggerpockets was and is a great tool for learning so I began to dig into the endless amounts of information.

I would imagine you would be able to profit several times the dollar amount with about the same amount of work especially if you are hiring out all or most of the work.