In this case, the initial equity built is huge.

However, not enough without financing to make this house complete and solidify what would be a good ROI when we would decide to move on and actually initiate conversation with the owners.Any information, advice, or comments regarding your experiences or personnel you've worked with to utilize a VA renovation loan would be super.

It’s probably best to keep business and family separate - the initial contractor was distant, distant family2. 

Paying a normal conventional mortgage along with giving them profit is significantly lowering your margins for you to make enough on cash flow especially after considering initial repairs and cap ex.

What I wasn’t clear on is whether or not the home inspection is used as a tool to aid in making the initial offer or if it the inspection is a tool to give you more knowledge about the house after you make the initial offer.

At that point we would go back to the bank and refinance and get back most of our initial money.

If Bank A doesn’t require initial draws but Bank B has a lower rate and does, get a term sheet from Bank B and take it to Bank A and they will likely work with you.Every bank will be different but the more you talk to the better off you will be.

After 5 years we refinance the portfolio and he takes his initial investment back.  

A good RE agent is worth their weight in gold here.Definitely no rule of thumb for estimating initial repairs.

I'm more so focused on the calculator reflecting my initial strategy accurately, so that I can understand how to use it in the future on a property that I really want to focus on.Thanks for the help.