An important concept that I often see in real estate investing is that when you put your money in the hands of others it can often be lost due to negligence.

To your question Joe, I was planning on using the equity short term to get started into buying properties and renting them out then moving onto the next with the same concept. 

That is precisely why you will pay a lower cap rate in Los Angeles, New York, San Francisco, Santa Monica:  because it's a pretty SAFE real estate play.Now the UGLY:  The Ugly thing about the concept of rent control is that there is absolutely ZERO incentive to fixing up a property.  

I've been fascinated by the concept of a VA for years. 

As a remodel, if you are experienced, you may be able to make the case that they will easily get their money back but you will have to sell the concept to the bank...and especially the underwriters.If you move into it, you can consider an FHA 203K Rehab Loan.

I have been working for the past few months to re-acquaint myself with the concepts and to improve my knowledge base.  

They have us submitting not only their development permit(approving their "concept" with no designs yet), they have submitted for grading permits, right of way improvements (curb gutter sidewalk), and site utilities like storm drain, water, fire service and sewer. 

There's so many things that's wrong with this concept.

My wife often serves as my most thoughtful concept critic. 

Some concept rebuttals:"That $900 payment includes the insurance payment, whether the current owner pays it or we pay it, the payment will be about the same."