Obviously, this is all about what I can negotiate though I'm looking for a fair starting point... and also trying to be mindful that I should take care of the investor.I'd either need $260k to buy the property subject-to (but risk the bank calling due-on-sale) or I'd need $757k to buy it outright.  

When investors come to you with a proposal, how do you evaluate the risk?

The VA property appraisal process is much more involved, with more that can go wrong, compared to a conventional loan.

Like you said, I know that involves dealing with a lot of generalities, but it would help me with planning.

In fact, if insurance carriers found out that you are renting, you may run the risk of getting dropped from your policy or having a claim denied - see the AirBNB forum below:https://community.withairbnb.com/t5/forums/v3_1/fo...I am independent insurance agent serving Alabama and I'd be happy to help you navigate this process.

A buyer needs to have a really warm and fuzzy about the flooded house having been repaired correctly.Don't make the mistake of not getting a building permit either because that could come back to bite you because FEMA keeps track of whether or not houses were repaired with a permit and the risk is that they could declare it uninsurable by a future owner, in which case they could come back after you for it.  

If that is all factored into your underwriting and is within your risk tolerances, it could be very lucrative.

If the "buy" part of your BRRR involves a property in rough condition then you may need hard money because conventional loans are going to have property condition standards.

Ba dum bum...In all seriousness, the reality is that there's simply too much risk for all three to be combined.

what's your goal, budget, risk tolerance......