Quote from @Donald Hatter: Pros:- Builders have many homes to sell at one time so it is easier to negotiate a better deal than with a home owner in the same neighborhood who is trying to sell their primary residence - Buyers bust out of deals all the time and builders don't like holding completed homes- Lower maintenance which leads to easier property management expenses.  

And why is it that every single home - whether its a rental cabin or primary residence - doesn't have to have a sprinkler system?

There are companies that buy properties, renovate them, place a resident in the home, sell to an investor then property manage for the investor as well on the back end.

If the residence is inside a gated subdivision or a controlled-access buildingthat is governed by an owner’s association, a letter from the association acknowledging the use and grantingaccess to occupants of the rental unit will be required as part of the application.A short-term residential rental requires a Conditional Use Verification (CUV).A short-term rental use is unavailable and prohibited within a residential unit or a room within a residentialunit that is located in an apartment building.

In 2017 we started our journey with long-term buy-and-hold investment properties in the Memphis, TN area after selling a property that we were losing money on every month in NOVA that we purchased as a primary residence in Jan 2007 (talk about all-time bad timing) and then had to move with the Navy in 2009 (2nd all-time worst timing).

However if you are attempting to use rental income for your departing residence that's where it will be a little tricky... 

I own a house that I am living in with a VA loan and want to buy a different home and move into that as my primary residence and rent out my first home.

We are debating between selling our first primary residence or keeping it as a rental.

This means that you will probably need to pay registration and filing fees in at least 2 states if you don’t buy CA property as a CA resident.Be sure to tell your accountant that you may now need to file non-resident income tax returns in each state where you own property as well.

Love the idea of helping out a first time buyer, may run into trouble if she's not the primary resident, check w/ lender but I don't think that'll fly w/o more of a down payment.