@Mark Caiazza @Corey Chonsky, I plan on using a landlord for the other side so that I am used to the payments once I PCS and leave the area!

Everything is keyed to a SSN or EIN as I am used to...That's my layman's two cents.

In other words, should have the roof in one depreciation account, kitchen cabinets in another, carpeting in yet another.One amusing story with my carpeting was I included re-carpeting in the first major rehab in one large depreciation account, five years later replaced it with new carpets, then carpeting again 3 years later.

Like you, I am using a HELOC on my primary resident (as well as private lending from family through their HELOC) to fund the acquisition and rehab of the property.I bought it for $126k, budget is maxed at $60k, including a buffer (my contractor who has worked many flips in Philly and experienced RE investor friends believe I will be successful in staying under budget).

Doesn't seem to work well in my situation if I am using an FHA loan. 

This is the exact strategy I am using in Dayton on a wholesale deal I am closing on next week.

However, it's this time that I am using to learn of those who are struggling, and to prepare for what else may happen.

But, other than the light install you wouldn’t need any permits from what I am used to.

Now, I am using a normal lease that would be used on a regular property, but as others said, you can be picky with who you choose.

I'll use that cash as my downpayment for an additional property.My point is that I am giving myself multiple options, and because I am using the VA loan first, I don't need a ton of cash.