Often times I am using a purchase price close to that or a bit below asking price.

Value add potential due to below market rents, high vacancy, and deferred maintenance.

The graph below should give you some comfort.

One thing is, myself included, owners charge below market rent particularly if the property is paid off, tenants are there a long time and rents haven't been raised, or property taxes are lower than what they should be because of property tax caps and go up dramatically when it changes hands.It behooves you to know what the market rents should be, the market value independently of the sellers records.

Other factors like adjustable rates, calls, etc can come into play to accelerate a loan below 6%.  

The footing has to be poured on undisturbed soil or be on atleast 12” of compacted fill below the frost line.

At a debt load of 50% your payments will be low enough that you can adjust rent quite a bit to keep tenants in.2.

The partner would get the bulk of the equity position, and the high barrier of entry to a HCOL area would be lowered via a lower down payment, lower repair costs, and lower management costs.

However, if loan is below 100k and your, borrower, net investment income is below 1k, there is no imputed interest calculated. 

As long as the property is livable and the property is bought at or below market value the VA home loan will work.