@Troy DeLong The grand total loan will be determined based on a couple different formulas -- the Lender will take the lesser of the two figures. 1. 75% of the ARV ($200K x .75) = $150KOR2. 80% of the Purchase Price + Rehab Cost ($146K + 40K x .80) = $148KIn this example, the grand total loan amount allotted would be $148K (lesser of the two).The Lender would set aside your rehab budget in a 3rd party Escrow account, amounting to around $30K.

Working with a strong lender/realtor team who can determine whether a property is appropriate for a VA loan, and then convince the listing agent of your qualifications, and that the loan will close smoothly and on time, is about all you can do.

How are you determining if a property is worth investing in?

You are going to want to identify the various different RE investing strategies and determine what strategy will best fit your skillset/goals. https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-dealBest Wishes!

I created a calculation to determine whether the deal was worth pursuing, based on the list price versus the expected rental income. 

@Red Johnston You have to determine is it a foreclosure or a bank owned property?

This helps you in determining when the lease expires, what their actual lease is and what is exactly included and not included in the lease agreements.

I first jumped on the local forms on BiggerPockets to determine the best areas to live.

., a month to month lease) do a little research to determine the method and amount of notice required in your state to terminate this type of lease. 

What method or research did you use to determine your rental rates?