While I was speaking with a mortgage broker about rates, he mentioned that since we were related we could have home deeded to us to keep grandpa's tax basis.

I don't know the area so I cant speak too much on the vacancy, but I usually calculate at 7-8% in a good B area.  

The first thing you should do is speak with your Broker to see if they would allow it.

If you are not purchasing using all-cash, speak with a lender to help you determine your price point and best investment strategy.Once you've got a better idea as to what type of deal you'll be pursuing & how it will be financed, connect with a local investor-friendly Realtor who can help you navigate the market.Best of luck to you moving forward!

Maybe they are speaking of the entitlement portion of the VA loan- like the guarantee of the loan if default occurs broken down in preliminary and secondary entitlement. 

I'll speak with my Indy contacts, and give you an update.Cheers.

I can't speak for your specific situation, but I do know investors who have been notified by the bank and they were able to transfer it back.

Indianapolis has been at the top of the list for many investors historically speaking dues to being a flat market (pretty much the opposite of TX right now in reactive real estate as people flock in groves from CA realizing work from home could be here to stay & want lower tax rates/cost of living) and perks like cheaper purchase price point and lower tax rates (Marion Co for example just above 1% {for comparison NJ is right around 2.49%} ).Right now TX and Vegas among other areas are really seeing some hot activity - but this is more reactive and not what a more truly flat market like Indy does.

I'd spoken with the owner briefly on the phone once before and we'd discussed the overall condition of the property, why he wants to sell, how much $ he'd be happy to walk away with, etc.After the screening questions over the phone I threw a number out and he said it'd be the lowest he'd accept and still be happy with, but he'd still need to speak with his wife about it.Anyway...so today I met with them in person and he gave me some more info.This property is zoned for R-4.

Take some time to learn and understand how the process works specifically in your state so that you can speak intelligently to potential sellers and talk to them about their options.