Commercial lenders typically extend terms up to 20 years not 30years.  

So here are some of my definitions:Cashflow Properties:Investing for Rental IncomeHere is a typical example: a house built after 1980 with very basic fixture: carpet floors, linoleum floor in bathrooms may be found for 90k-140k in an area where it pays $900-$1400 per month.

Always do the math analysis on a prospective property and try to look at it of at least have a clause in the sales contract that allows you some time (about 15 days) to make a detailed inspection and possibly walk out of the deal without a penalty that will hurt you too much.The thing you also should do in the beginning is to have a Team put together that typically have an Attorney, real estate Agents, a CPA (or accountants), Inspectors, general Contractors, and Handymen.  

I am now trying to get back in the game and utilize the skills and experience I have to rebuild my portfolio and to start rehabbing again which is my passion.I would want to hear from anyone who has any leads on properties that are for sale, any reports that I can review for Marketing: probate, divorce, pre-foreclosures, foreclosures etc. 

Reality, it will be a hard sell to have tenants in a C- area paying the existing rent with gas bills on top of that, they aren't that stupid, you'll need to reduce rents to reflect utilities to the competition of comparable rentals.

Typical bank draw cycles are at least 30 days plus a few days for the bank to process.If your contract stated payment immediately upon completion then you have a solid argument.

@Michael DunnObtaining a VA loan on a HUD property is an extremely difficult task for the following reasons:All the utilities need to be on for the appraisal so check the property summary to see if that is possibleAny lender required repairs will not be able to be completed prior to closing.  

Figured I could get a gross rental income of at least 1200.No utilities are separated.

That typically is investors.

Tenants pay all utilities.