Not sure if the situation improved or not.

This is where you will need to have a list of what you plan to do to improve the property, and how much it will cost you (or the contractor) to get the job done.

@Gene Hacker is very good at efficiency on these things.  

For any kind of investing that will be time sensitive, involve multiple assets, or assets that generate a lot of transaction activity, these checkbook plans will be much more efficient and effective in terms of time, paperwork and expense.As I noted, there are several quality providers of both types of services here on BP.

Then, you can slowly improve the property or put in sweat equity, and when you have sufficient equity refinance conventional and free up your VA eligibility and do it again.

You will need to repair your credit, clear your bankruptcy and start saving every penny you can.......frugal life style going forward as your life situation improves is mandatory.

I would appreciate any feedback, suggestions, comments or anything else that would help me improve the success of my lease option business. 

Can I use the current rental income, or maybe the income after repairs and improvements to qualify for  the mortgage?

Also, if I am inspecting a tenant occupied property, I most likely, unless if the previous owner objects, I ask the tenant to give me a list of known issues and desirable improvements, written or verbal.Good luck.

(B) "Real estate" includes leaseholds as well as any and every interest or estate in land situated in this state, whether corporeal or incorporeal, whether freehold or nonfreehold, and the improvements on the land, but does not include cemetery interment rights.