Buying First Rental Property. Thoughts?

[Jason D.]

Hey all, my name is Jay and I live in the central Texas area.  I'm currently in the process of selling my condo and possibly purchasing my first rental property.  Here are the details:

1) I should net $30k-40k on the sale of my first property.  My condo has appreciated greatly in the last three years because we have a solid location in Austin.  

2) I'm going to use my VA loan to purchase my next property. It will be minimal money out of pocket.

3) After all costs, I estimate I will have around $35k-$45k in a money market fund (sale of property plus around $8k in savings, atm).  

4) I hope to purchase a $120k or so rental property for $20k-$25k down, and have the rest of the cash as working capital.  

That all being said, any thoughts?  Advice?  I have a great loan officer who's doing everything he can to work with me and get this project up and going.