It was pointed out by other contributors that often the major expenses on a rehab are kitchens and bathrooms.

I always hired contractors, and did material runs for them several times a week after work and cleaned up jobs on the weekend, which was also time I spent at the properties, discovering issues, thinking about the rehabs and what needed to be done next.

Yeah..ok...And all teachers should have kids first...All doctors should have lots of medical issues before they can practice....All dentists should have lot of dental issues before they can practice...Every waiter should owner a restaurant before they can wait tables....Every car salesman should have bought multiple new cars before selling any....I get your point..... it would be great if every realtor had to have real life home ownership under their belt, so they have that BTDT experience..... but not gonna happen

Are there any issues with this strategy? 

@Nate Meeker Hey Nate, I am mostly interested in long-term purchase and hold opportunities as my career takes up a majority of my time. 

I would have around 60k in the deal with no major repairs.

There are facebook groups where other Ownwerrez users help each other with issues. 

The issue now is that I'm not sure if I bid on a second mortgage or if there are multiple mortgages on the property.

I urge you to champion legislation that addresses these critical issues.

I'm considering assuming this mortgage, either "subject to" or by transferring the property into a trust, where I would then buy a majority share and cover the remaining balance in cash.The complication arises from the fact that this existing mortgage is a VA loan.