Here is some information I received from a lender in NJ let me know if anyone has any other information:VA Renovation Talking PointsPrimary Residence Only – Purchase & Cash-Out RefinanceProperty Type Loan Amount Min Credit Score1 Max LTV/CLTVStandard1‐4 Units ≤ $453,100 Minimum credit score 600 Max LTV/CLTV 100%High Balance1 Unit $453,101 ‐ $1,000,000 Min credit score 620 Max LTV/CLTV 100%Super Max1 Unit $1,000,001 – 1,500,000 Min credit score 660 Max LTV/CLTV 100%Eligible Property Types 1‐unit attached and detached SFR, PUD 1‐unit VA‐approved condominiums¹ 2‐4 units 1‐unit (double‐wide) manufactured home –eligible forlimited renovation product only Modular homes¹ Site condominiums in MI are treated as SFR.VA Limited RenovationNo minimum repair amount and maximum repair amount $35,000.00 including all costs Repairs must start within 30 days and be completed within six (6) months Maximum of 2 draws (Initial and Final) with written approval from the borrower at each disbursement Initial disbursement to cover the lesser of material cost or 50% of bid Final inspection and title search required for final disbursement  10‐15% contingency required (15% required when any utility is non‐functioning) Properties that require the following work items are not eligible for financing under the Limited VA Renovation Program:o Major rehabilitation/remodeling, such as the relocation of a load‐bearing wall; o New construction (including room additions); o Repair of structural damage; o Repairs requiring detailed drawings or architectural exhibits; o Landscaping or similar site amenity improvements; o House is uninhabitable at close of escrow o Any repair or improvement requiring a work schedule longer than six (6) months CONTRACTORS MUST HAVE A VALID VA BUILDER ID VA Standard Renovation  Minimum repair amount is $5,000; no maximum.

As usually the owner does that.if you want to dig more into learning about self storage, I would highly suggest using the search function on this site as well as paying attention to posts by Scott Meyers and Michael Wagner and Michael's blog all thing self storage. 

In short they are functional but need a fair amount of repair.

@Ray Trounday To get IRR, use the XIRR function in excel.

Looking at properties, networking (going to functions, volunteering, working open houses for agents who are busy, manning the agency's phones etc) left little time for the wife and my young son. 

The bedrooms are small and the 3rd or 4th bedroom wouldn't function as a bedroom in a room for rent scenario.

@Erin M.You could perform basic administrative functions such as paying bills, selecting contractor, arranging repairs, etc. 

Right now owner pay for heating cost but if I buy it I will divide cost and have tenants pay their share.Kitchen and bathroom are functioning but old.

If a kitchen is a little old but functional it will not return as much on rehab as a property that has a destroyed kitchen (cabinets busted, counter burned or broken, floor in real bad shape). 

I know functional items needed.