The property is close to our current office but much larger.

If I were you and had those goals, I'd take your $300k, lever up a bit, and buy some B-C grade rentals or a larger complex in any number of Midwestern or rust-belt markets (Indianapolis, Cincinnati, Pittsburgh, or Detroit come to mind as off-the-cuff options).I think you'll find that 12% CoC is eminently reasonable as a goal and won't require you to go off the rails with something super risky.

I'd like to add that as you build your buyers list, you'll be able to make larger fees.

My broker brought me a deal for a Tri-Plex , I’m wondering if you all think it’s worth pursuing.Here’s the breakdown.Purchase = 200kRehab = 20k2 units rent would bring in $750ea1 larger unit would bring in $1000Not a lot of property maintenance in terms of landscape.Estimate on Water, trash would be $200Estimating 5% vacancy costI would not be using a property management company to start.The ARV would be apt 300k.Thoughts on this deal?

I can personally say none of sellers I have worked with ever felt that they got “taken advantage of” or anything of the sort.

@Jason BakerI am not sure on the condo conversions, but I would be interested to hear some feedback from people who have done it.In my experience the city inspection is very mild and a basic necessities sort of thing. 

The many added bonuses of course include that you'll avoid all kinds of tenant-related problems in the room and be able to address all sorts of suspicions, so your notice should read, "under 24-hour surveillance for your protection."

Some sort of faux duplex.

There is only handful list of larger lenders offering non-recourse loans to IRAs and 401Ks, but nothing prevents you from finding a private lender and negotiating the terms with them.

For me, the smartest investment as a military member (I wish I would have known years ago when I joined) is to buy a plex of sorts with your VA loan and house hack the heck out of it!