Tenant’s use of such furnishings shall be “AS-IS”, and Landlord has not made, does not make and hereby disclaims any representations or warranties (including, without limitation, any warranty of merchantability or fitness for a particular purpose) as to the physical condition of the furnishings or the suitability or usefulness of the furnishings for Tenant’s intended use.

Is there a statue of limitations on this type of event?

Just my two cents... especially since you can just re-use your VA loan when you move (granted you haven't spent your limit on it).

There is also a height setbacks and sometimes a FAR (floor area ratio) which limits how much you can built.

But, once you get the hang of things, the sky's the limit from there.

Some of the limitations with just calculating the cash flow is that you're not taking into account all of the sources of dollars coming in. 

For any client I work with that has limited knowledge on the subject, I extensively explain the home-buying process (including financing) whether they want me to or not.

We are sailors ourselves but availability always seems pretty limited (ie, lots of demand) when we look.

@Surendra Chawla and others, for the Phoenix metro area, I found a very useful resource called the Cromford Index.This is put together by ASU's Head of the Real Estate Dept (Prof Michael Orr).http://getyourphx.com/refresher-the-cromford-report/http://cromfordreport.com/index.htmlThis seems to be a very unique and highly useful index specific and limited only to Phoenix area.https://www.youtube.com/watch?

Tax consequence is most likely a wash or a loss.