We used an EPO(i think that's right) rubber roof which is supposed to the best available.

@Caleb HeimsothI suppose so.

Similar homes in the surrounding area are selling for around $280,000.My question is this, suppose I could get a private loan for the $150,000 and purchase the house.

I do not know the age of the roof but it is doing everything a roof is supposed to do. 

I can't tell you how many times I've represented a Buyer and my commission has been reduced and I had to NOT press the issue, because it would have killed the deal.In essence, I had to put the client's interests ahead of my own (which is what you're supposed to do).Of course these are commercial deals, so the experience of residential agents may differ.

I suppose you could lien assets for hard money but, most college people I know don't have any assets either.Sure, there are lots of people that will sell you on different strategies to acquire property but that's the easy part.

The VA loan is a big advantage for you.I suppose that there could be a very small risk that a disgruntled foreclosed homeowner could try to find a reason to sue you if you foreclosed and then occupied his former residence.

I suppose my question is - if the partnership LLC flips 4 properties a year (and also holds RE for passive income) & makes $100,000 profit.

Whiz kids in their early 20's pulling off massive deals and owning hundreds of units supposedly with no help.

I suppose that they could, but it's not normally what they would do.