The actual value improvement is going to be determined by the referees if the previous owner disputes the value you give them and as a compromise can be determined with an updated appraisal when the owner redeems. 

When I saw a property that looked to have been vacant for some time and needed some work I thought, this could be a good opportunity to have a low monthly payment, a place to live, and a chance to make some money.

There will be a/c issues, lawnmower, weedeater, new refridgerator, dishwasher and a bunch of other things. 

The roof is has a flat, tarred section and a peaked, slate section as well. 

It was my first deal and a good experience

If you have good credit and a down payment, all the better.I have financed many properties both directions without problems.

There was NO WAY that I could do that or get close to that with the current interest rates and a non-owner occupied loan.I kept that property as a rental.

Welcome to my series on purchasing a home and using your VA Benefits.I am George Freelove a Marine Veterans and real estate professional / consultant.I have over 40 years of experience in the home building, mortgage and real estate world.Purchasing a home is a very important decision and a big undertaking in any one’s life.Most people only choose to purchase a few homes over their life time.My goal is to make sure that you are well equipped and armed with up to date information for your big decision.Over the next few weeks we will discuss buying a home using your VA Benefits.The nitty gritty of the process, where to start, how to get a VA Loan finding the right mortgage lender, finding the right Realtor, finding the right home, what costs to expect, how does the process work, what can I expect from my Realtor, my Lender and the Seller.So let’s take this journey together!

Regardless, it's in rough shape and requires some structural upgrades, and a new roof in the near term. 

Well...the Dayton Dragons baseball team has the most consistent sold out games of any sporting team in North America (startling fact), Warped Wing opened a second location, and a half dozen other breweries are now open in the city...Boston Stoker coffee is totally awesome and has several new locations (this is important because it's a key indicator for the successful revitalization of many cities...beer-food-coffee is key)...there is a river front development that is reminiscent of Columbus (which was awarded best on the country), there is big inner-city revitalization...I saw a developer by the name of Simms pre-sell 24 $500k "Brownstone" townhouses in the center of downtown (unheard of in Dayton)...there are 30 renovation projects going on downtown...and they now have a full time staff on the streets to keep the city clean...the population is on the increase for the first time since 1964....I mean this is pretty superficial, but it's every bit as important as economic indicators...there is a lot more to this...There are still "war zones" in abundance in Dayton and it's the Opiate Overdose capital of the USA...but getting better rapidly...just proceed with caution if you elect to invest there...a local subject matter expert is a must!