Any Advice on the following - VA vs Conventional?

[Ricardo T.]

I have a multifamily I utilized my VA loan on which I refinanced at a 2.25% during Covid. I am looking at freeing up my VA entailment and refinancing into a 7/1 ARM at 5.0% . I would like to use my VA loan to purchase a Condo with no money down. Would you keep the Va loan on the investment property and use a conventional loan on the condo. Or would you refinance the VA loan, flip to the ARM and use the VA on the condo. The property is cash flowing around $1250 give or take after all expenses.

Current Mortgage Payment (Including taxes insurance): $2,200

New Mortgage Payment: $2,800 

Difference in monthly payment: $600

New Cashflow if refinanced -  $650

Cash needed if I had to use conventional on new Condo: 30-45k (5%down in the greater Boston Area)