Looking to dive into first rental in So. Cal. Use VA loan?

[Carlos Teves]

Hello BP community,

Wanted to share my current plan. Welcome any feedback and suggestions. Thanks in advance.
summary:
10yr goal- Cashflow 10k in passive rental income.
Currently W2 employee. Single income. Family of 5. Veteran
Currently own single family in Corona, Ca. Est Value: 630k. Balance on loan. 460k

For my first property, Since I do not have a lot of capital, was looking to reuse my VA benefit. Currently refinancing my current to a conventional So it can free up the VA.
Since it’s VA my understanding is I have to live in it for at least a year. So, I will rent out my current home. after refi payment should be around 2850. Neighbor across street in same model just rented theirs for $3300. So projecting 300-400 cashflow If all goes well.

i know there’s probably a lot I’m leaving out but wanted to sanity check this plan. I also thought of cash out or heloc for a down payment for the new property (wouldn’t need to move).

For my 10 year plan I'm open to any suggestions on a primary strategy to get there. Specifically with California market in mind. Also, would really be interested in hearing from those that have BRRRR'd in or around my area.

Thank you all. Literally just registered on this site and very excited to learn.

Carlos