Help! How to buy next rental?

[Ian Verzoni]

Context: I'm AD military and I'll be moving in a few months and seeking advice from the bigger pockets collective on the best way to proceed.  I'll have about $50K in cash to work with and some potential for more with short term loans.

Goal: Acquire at least 1 more rental at next duty location.

Option 1: Use an FHA loan, put 3.5% down, flip over the course of a year (while waiting for the 1 year mark to be legal to move out and rent), potentially refinance after increased home value? Then use my VA loan to go get a nicer 4 bed for my family to live in.

Pros option 1: Only 3.5% down, doesn't tie up another VA loan, if flip is done right I could refinance into a conventional loan.

Cons option 1: Could be tougher to cash flow with only 3.5% down plus the PMI associated, forces family to live through a flip.

Option 2: Buy home with VA loan, live in for 4 years, move out and hold as a rental.

Pros option 2: Easiest solution, least amount of headaches, family doesn't have to live through a flip

Cons option 2: Doesn't provide the most amount of potential growth, ties up another VA loan.

Option 3: Buy rental with conventional loan, buy personal home with VA loan.

Pros option 3: Easier solution, doesn't force family to live through a flip, gets rental and nice family home at same time.

Cons option 3: Won't have the money to do major renovation on rental could cost more in long run, ties up a lot of money in rental, slow growth without doing renovations.