Borrowing has definitely changed over the last 4 decades so you must adapt.

RM’s have the “must sell for 95% of a current fha appraisal” due to the fact the fha insures the vast majority of them, and that is their requirement for them to pay out on the insurance.

Obviously you must have access to both MLS's to see what's listed. 

@John Umphress - Congrats on the 36 unit - must be very exciting.  

I'm not in WY, but had the pleasure of visiting your fine state this summer and finally meeting my colleague and friend, @Jerry W  A more stand-up guy couldn't be on here with you. 

For ease of typing I am going to say "you" when I may mean you or your partner.So, you must intend to live in the property for at least one year to use the VA loan.

You can only use the exemption every 2 years so you wouldn't be able to sell both within 2 years and double dip the exemption.Depreciation - Whenever a property is "in service" as a rental you must claim depreciation.

Regardless, I highly recommend that you visit the market and the team(s) you are considering before closing on your first deal.

They has a set of rules that mortgages must meet for them to be able to buy a mortgage. 

They must be using averages or something to inflate the numbers, because you can definitely make less than the stated income (by quite a bit) and afford rent in the various states that I am familiar with.