It was a property i was looking at but I am just working on analyzing deals and ensuring im calculating the correct items i.e. not missing insurance or accounting for having to pay for electricity or making sure the percentage i set aside for cap ex is close to resonable.

There is a larger percentage of rundown areas than other nicer large cities that is all. 

Each loan uses up a percentage of your entitlement, and ultimately the VA can only guarantee up to about $510k worth of mortgages per veteran. 

If he puts all the money do I get a certain percentage of the equity ?

They are paid off a percentage of invested assets so it does not behoove them to recommend investing in real estate. 

My prop mgr recently told me that the community feels like a ghost town - many units are vacant and a large percentage of those have just been abandoned by owners for foreclosure or short sale.

Board members change, owners change, and the economy changes - all of which can change the owner occupant percentage, the HOA's financial health, etc. 

You could then return a good percentage of the investor capital, thereby appeasing them, and hold the asset for long term cashflow.

Typically you need 25% down for an investment property and your rate is going to be higher even if the loan is in your name, usually a full percentage point, at least.

They charge a percentage of the savings.