The property is older and the appraiser gave a list of repairs needed in order to be approved for FHA.

Alicia,Generally, I would be concerned about a policy that is not in the name of the Property owner.  

I wish you great success.Now I have moved to Chicago, and moved my focus from investing in property to building softwares for investors.

.: Wild idea based on a property in my local market.

Fewer but better properties.

Yes, you can convert the VA to an investment property and buy another one. 

I'd imagine at that cost you'd either be buying just a shell of a property or raw land.

I stopped taking on any more properties where I would be theProperty Manager.

I’d recommend connecting with local property managers and agents as soon as possible—agents can help you identify deals that fit your BRRRR criteria, and property managers can give insight into rental demand and market rents.

@Zach Howard some copy & paste advice below:)-------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?