Requesting advice on purchasing a subsequent investment property

[Nolan Chandler]

Greetings, BiggerPockets members!

I am very new to investing in real estate and I seem to either be in a pickle or I am just not seeing viable alternatives. I am stationed at Camp Lejeune, NC and on active duty until at least August 2023. I have a primary residence and my family and I purchased a short-term rental property at the beach in the local area last month. In early 2022, my wife and I want to purchase our own long-term rental property (not with the family venture that we just did). I have been calling lenders to see if I can do a VA cash-out refinance, and it seems that because the family short-term rental property cannot prove that it is being serviced (no year lease in place) that debt is too much for me to try to get a cash-out refinance. I have two questions:

1. Does anyone have advice on how I can work things/change things in order for lenders to lend to me with a VA cash-out; or is there another viable way to get that sizeable amount of cash for me to make a down payment on the next investment property?

2.  If I end up getting the necessary cash to make a down payment on the next property (with closing costs, appraisal, etc.), what can be the best way to finance that property (I have looked into investor cash flow mortgages and I am not sure)?

Thank you!