If you are obtaining bank financing, the bank will more than likely want an environmental study performed, these studies can cost $1000's of dollars depending on what is discovered on the property.Is there a need for this type of property in the community?

Here is a good article that talks about the property requirements for VA loans:https://www.veteransunited.com/education/house-hunting/va-property-requirements/Just know that if a property you are looking at does not meet those requirements, you could negotiate for certain repairs to be made in escrow to meet those minimum standards.

A standard lease from your state realtors association can probably be found online for free.

Commissions are between you and the seller and for anti trust reasons there is "no standard" commission. 

You would be making the learning curve much steeper for yourself, and introducing a lot more risk over your standard fix & flip.

One thing to keep in mind is that financial institutions and servicers that foreclose on properties have a tendency to ignore the amount of work that it will take to bring the property up to the neighborhood standards.

I currently live in a SFH in New Mexico that I house-hack and after relocating this spring/summer, I would continue to rent it out for 2-3 years then potentially 1031 exchange into another property.I discovered BP after learning about the FI movement which totally changed my life.

One thing you could certainly do to raise it's market value is redo all of the drywall and finishings to bring that up to current standard home quality and design.When it comes to Buying it... take advantage of some sectors of the market thinking the home should be undervalues and snatch that thing up cheep. get it looking good and make off with a bundle.I am personally looking at Modular construction here in Houston.

I have a 2-week policy in my standard lease.

I have just recently discovered the Bigger Pockets community and it has gave me a whole new outlook on real estate.