Perhaps in the surrounding community, but not in St Pete proper.   

Account Closed- You definitely need to know whether utilities are separated or not in order to evaluate the deal properly.  

It needs to cash flow properly to pay someone else to run it for you.Lastly, you could do all 3-4 things you have listed to maximize your learning curve. 

That's safer for you and if properly recorded is nearly as good for the buyer (depending on your state laws).

I could put 25% down, but would like to try for 20% to ensure i have plenty of money for improvements, reserves, etc. 

Also, have you talked to experts in these areas to ensure before you get very specific and go long here, that this is the right path that fits your temperament, what are the risks, opportunities and trends in this particular industry / niche?  

P.S If I posted this in wrong forum please move to proper one... ;)

My question is how should we structure this so that I'm properly compensated for the risk I'm taking?

They still want to ensure capacity - that is, that you can repay the loan - but some may look at the rental income from the property or look at your cash-flow from income coming from abroad.

They are outlined in Chapter 12 of the VA lenders handbook: http://www.benefits.va.gov/warms/pam26_7.aspThe appraiser will be looking at the home to determine if it meets the MPRs basically ensuring the home is safe, structurally sound and sanitary.