For 1st 5 years, monthly PI would be $5850; current  average gross rent income is $9800.A couple of notes:  Prop 1's income is on a schedule C, not E since income up to now has been from short-term rental (2-4 month occupancy). 

Is the seller obligated to note these if any? 

Also note, you can use your VA a second time if you don't burn all of your entitlement. 

FHA has PMI for the life of the loan, look at the note for the property and the terms and see what type of financing it is and go from there.

We have agreed to terms on a private loan structure and will sign a promissory note and personal guarantee.

Just make sure it is very professionally structured - not to high LTV, good cash flow, have enough reserves and sign a promissory note and mortgage recorded with the County.

Take notes and then research opportunities in the area.

Do you have an existing note on the property?

When we advertise it, we always make notes about how it's still under construction, but include final beds/baths, etc, photos, and rent amount. 

Originally we planned to sign a purchase agreement and have a promissory note, with no lien on the property.