Time forgives most (not all) overpayment on real estate because of the power of inflation to destroy debt and induce appreciation.

I wish you the best of luck and success in your investment career.There are a lot of things to consider, and being a veteran, you have access to the VA loan, which can be a powerful tool.

@Michael TaylorI was also thinking the $1500 monthly profit sounds high on a $70k house, but more power to you if those are the numbers!

I have seen the property and it looks like all it needs is a little rehab; paint, carpets, and the yard needs cleaned up.

This just means in some sort of audit or lawsuit, your personal banking records will be needed to show the movement of funds to demonstrate that everything was done cleanly/correctly. 

An attorney will draw up the mortgages and it keeps it clean.

Note of caution; understand your foreclosure laws, depending on where this is in the process, attempting to pull investor ploys without having the ability to purchase yourself as implied under the contract can land you up against federal law, a lender can clean your clock for interference with an insured depository.In other words, investors who lack the ability and intent to buy themselves as stated in a contract with someone in foreclosure should stay clear of any attempt of trying to pull off anything except a true a cash sale.   

Change the locks, clean it up, and get it rented.

Otherwise you will find yourself in the clean/replace cycle.  

I hold very little in crypto :/I'm always down to talk some real estate and power tools!