With older homes there may be some deferred maintenance and maybe some unseen big ticket items that could come up like plumbing or electric.

You'll get eaten alive.I know it looks tempting to compare regulated rents with market rate and start fantasizing about the potential property, but it is incredibly difficult to make that a reality.

Similar to what's been said before, keep in mind a few things though - -VA Loans are intended for Veteran Owner Occupied properties and have several regulations.

Who do you call for your own home if you need help with plumbing,, electric,, heat,,, this is a good start for vendor list and then on to asking family and friends.. 

I've become really interested in the general workings of a home (structure, plumbing/heating, electrical), and I consider myself to be pretty capable of doing certain repairs and upgrades on my own with the help of google.

I understand the regulations for REfinancing, but i am slightly confused about the lender's time constraints on free and clear properties. 

As for the plumbing issues, EVREY class C/D building has plumbing issues.

The HECM is FHA insured, thus the regulation.  

For me, I will not be doing any additions at the moment, but from what I've read you typically need them for minor replacements of siding, framing, etc. as well as any work on HVAC, electrical, plumbing, etc. separately.

Ben Franklin Plumbing in Grove City.