There is some risk with this approach as occasionally you will run into issues during the rehabs and your projects will run over budget. 

Without the window delay, you would have been in and out in a flash!

The typical minimum loan amount with most lenders is $100,000 and occasionally I have a investor at $75,000.

And occasionally will buy homes or offer places to put them depending on project availability. 

Also, if you over pay you can have the remainder refunded back to you after the fact by the contractor, this happens occasionally.

It could be a pit, foul smells and all, and it's gone in a flash at full asking - just because there is almost nothing under $180k left to buy anymore.In fact I am starting to wonder if maybe now we are seeing a small resurgence in townhomes/condos at the lower price points as well... people gotta live somewhere. 

Location - Spring, TX Built in 1977, 3/2, approx 1500 sqftContract Price - $120kLocked-in Mortgage Rate - 3.5%Total Monthly Rent - $1450- Comes with Section 8 Tenant (Mom & 3 kids)- Buyer pays title insurance- Big items to account for after inspection: Tree too close to the house, needs to be cut downOne side of the garage door opener has no outlet to plug into (there are a total of 2 single garage doors)Kitchen sink drain pipes are "amateurishly" doneRusting of the evaporator coil in the attic (20 yrs old)Attic lines don't have enough insulationOne bathroom toilet is cracking and needs to be securedRoof is missing guttersRoof shingles vs flashing wasn't done 100% correct, needs more spaceThe buyer agreed to a $500 closing cost credit.

VA is a great loan, but does have some preconceived downsides for some sellers and agents so occasionally there are roadblocks with getting your offer accepted in a competitive situation.

He did not have a property manager, but he did have a local guy who would mow the yards and occasionally make repairs when my dad could not make it to the property in a timely manner. 

My Experience, Says if you can tolerate personally dealing with renters and small management companies who take 7% on average while doing very little, and building maintenance including plunging toilets on an occasional Sunday.