VA maxed, FHA in use, what next!?

[Mike Gannon]

I have been lurking around the site a bit (Thanks for the referral Trevor Burns!!), and have gotten lucky up till now (good advice from lots of sources), but want to know how to go about the next step!

Current situation:

2 homes owned in TN through VA loans, total debt (originally financed) $318K

1 home in AK (current residence) $250K financed. 

Total real estate debt $568K.

2 homes in TN monthly rental income (after property mgmt fees  ~$2,400, M,I,PM ~1,900

Current mortgage (financed FHA) ~$250K, approx $1,800/mo payment with $1,000/mo income from renting out MIL suite.

Bottom line is all properties are making money, with exception of current, unless you count BAH  (Army pays a basic allowance for housing which I would hate to pay to anyone other than myself)as income, but even without BAH, we are paying less than half of a mortgage payment out of one paycheck. 

Where do we go from here to pay for the next house? We have savings accounts (personal for unexpected expenses such as vehicle repairs and such, and property savings for heaters, A/C, water heaters, etc) to catch the fluctuations, but don't want to touch the property savings to invest, lest we be caught short. Due to the nature of the military life, my wife starts at the bottom every time we move (not conducive to growing her salary, but adding to savings none the less). 

I have started looking at other options such as OPM (not too sure how to start down that road), or BRRR (lots of $$$ to do the rehab, not to mention the down payments), and just depleting the savings accounts, but don't see a way ahead. I am not looking to partner up right now, I'm not looking to flip, nor wholesale, nor am I looking for hand outs. What I am looking for is financing options. I want to be on the hook for the notes with my wife as sole interests, and let the rental income vouch for the notes. I want to count rental incomes in my DTI. Conventional financing does not allow this, unless counted as profit on tax returns. Due to the frequency of moving around in the military and maintenance costs, it is very hard to show anything but a loss in tax returns lol.

Long winded, I know, but any thoughts or advice would be appreciated! I also have absolutely no idea where the Army will send us next!