Active Duty RE investor looking to scale

[Zach Abey]

Good day everyone,

Long time reader, first time poster here. I'm seeking suggestions on how to expand beyond my current investments, which consist of one long-term rental and my current primary residence.

Background: 

In 2020, I purchased my primary single-family home near Camp Lejeune, NC, using a 0% down VA loan for approximately $184k. This new construction property appreciated significantly during my three years of residence. In 2023, I received orders to relocate to Beaufort, SC, and was able to rent out my NC home immediately, generating approximately $500 in monthly cash flow after accounting for property management costs. All cash flow is allocated to a Capex HYSA for maintenance, repairs and updates. The current market value of the NC property is around $260k, with an outstanding mortgage of about $160k, resulting in approximately $100k in equity.

My current residence in Beaufort, SC is a 4-bed, 3-bath house with a higher interest rate of 6.5%. Also purchased with a 0% down VA loan, I plan to rent it out when I receive my next set of orders in two years. Currently, the rental income would not cover the mortgage payments, but I'm considering refinancing if interest rates decrease (possibly conventional to free up VA entitlement) as well as adding a fifth bedroom to increase rental income.

My Plans: 

I intend to retain the NC property due to a stable tenant with a recently renewed year-long lease. Eventually, I plan to sell it via a 1031 exchange for either a multi-family property (Savannah, Ga..?) or a couple of profitable Airbnb units (location undecided).

Questions:

1. Is it advisable to wait a few more years before selling the NC house?
2. Should I consider obtaining a HELOC and using it as a down payment for an Airbnb or potential flip?
3. Alternatively, would it be better to continue purchasing new homes with each move (approximately every 3 years) to gradually build my portfolio?

I greatly appreciate any advice you can offer!