Because "debt free except for housing" is so rare among Americans, it's rare that it comes up.

"We'll insure the title against everything except that unsatisfied mortgage recorded in 1970").

There is no proration on the 24 months, except for a few exceptions.....had to move for employment, health, etc.  

Unfortunately they are few and far between from what I have heard.As a new investor you likely have no idea how the screen, if you want to stay in business you had better learn because no one cares about your property except you.

Most actually have zero economics education with the exception of what "that other investor" told them. 

The VA requires you to move into the unit within 60 days of closing or 12 or more months by exception.  

Especially maintenance and turnovers can really hurt you in these areas these days.NOTE: The one glowing exception to this is 38128.

With some exceptions, for single family the sweet spot is likely closer to the $200k range, where market rents are more likely to provide a decent (@10%+) equity return. 

Collateral seems to be intact except that I noticed that the loan mod from 2011 was never recorded. 

I would agree with every thing all previous posters said with the exception of "buy and forget" that can cause issues if the tenant has little respect for real estate and maintenance.