I guess they keep their jobs until they have enough monthly rental income to qualify for loans?

You'll need to find a good mortgage broker with VA experience to figure out exactly what would qualify as an "upgrade" for your area. 

Basically the textbook stated that, there is a new law in New Jersey, that if you try to sell a co-op, for the same amount or less then your investment, but aren’t successful after 4+ months on the market, then you can rent it out, regardless of any lease bylaws the board of that co-op has for renting. 

Mobile home park $1,750,000131 lots 86 occupies units: 1 sales office at 3718 Maple Grove Drive, 1 storage unit (converted home), 60 lot rental only homes, 2 park owned homes that are being rented, 15 park owned homes that have been seller-financed to qualified buyers and are owner-occupied and 4 park owned homes that are under renovation and getting ready to be sold or rented.* 45 vacant lots which have all dedicated utilities in place and are ready for homes to be placed on the lot.Tenants pay water & utilities & for yard maintenance.

I would talk to some lenders and see if you can pre qualify, especially military credit unions. 

Yes on the personal guarantee but that is only to qualify for the card so the inquiry shows up. 

I put the few questions in parentheses.Thank you, Tony Plan:1)Find buyers and make a buyers list--Market your wholesaling business---Using bandit signs "I sell houses dirt cheap"---Business cards---Internet2)Find a lawyer that can help make a contract with a due diligence clause and option agreement3)Find my target area where I will do my house searching--Using the Central Appraisal District4)Find distressed properties--Tall grass--Piled up mail--Boarded up windows--Take a pen & paper, take notes and pictures of the property5)Create an excel spreadsheet of the property--Owner-occupied?

I plan to file a complaint with the license board Monday and file a claim against his bond.

I put the few questions in parentheses.Thank you,TonyPlan:possibly start out with small, unimproved/vanant land1)Find buyers and make a buyers list--Market your wholesaling business---Using bandit signs "I sell houses dirt cheap"---Business cards---Internet---Real estate meet-ups2)Find a lawyer that can help make a contract--due diligence clause--option agreement--allow both parties to know who you are representing to avoid legal disputes (buyer & seller)3)Find my target area where I will do my house searching--Using the County Appraisal District4)Find distressed properties--Tall grass--Piled up mail--Boarded up windows--Take a pen & paper, take notes and pictures of the property5)Create an excel spreadsheet of the property--Owner-occupied?

Skin in the game?