Hi there:
It has been 5 days now and I finally found a solution to the configuration settings for SafePath. After much research, I found another user suggested to go into Joomla Administration>Global Configuration>Server and copy you server settings from the Path to Temp Folder to VM Configurations>Template Tab and copy the same info into the Media File Settings into the SafePath text box.
I did this and it got rid of the Warning message and created my Invoice file folder.
My question is after following the instruction as listed in the VirtueMart Documents, which leads you to copy the server path in Joomla 2.5 System Information/Configuration File where the path is shown for tmp_path and for log_path and substitute your new directory name for "html/logs" or "html/tmp"
I got nothing but the same Warning the Safe path is empty, for safety reasons it is very important to create a folder in a path not accessible by an URL, create also a folder invoices in it to store your sensible data secure. Our suggested path is for your system /home/xx/xxxxxxx/vmfiles.
But, after doing exactly opposite from what VirtueMart directions tells you
not to do it worked. I got a notification that its was saved and a invoice file was created.
Only, now my concern is the security vulnerability to my site can I change the file after the fact by moving to another location or do I delete the file in Shop Path and have to start again.
Appreciate your feedback

Way
Joomla! 2.5.14
PHP 5.3.24
VirtueMart 2.0.24 Latest release date 2013-10-01