I was thinking about purchasing a SFH with the VA loan and then taking equity out of the renovated house to put down 20% on another home.

These may be the easiest because if they are new constructions or full gut rehabs, you can see what the final product value is, and what these developers are buying at.It would be a good skillset to have to actually understand renovation and build cost. 

Ya and we are not seeing appreciation in the Smokies right now, unless it's forced appreciation via upgrades/renovations.

@Renee CossRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

The opportunity in this part of the market cycle is investors who do not know how to operate.It is not just valuation with renovation, it is valuation through operation.The problem is it just isn't a sexy topic.

Now i plan to buy a house that need renovation to force the appreciation,then resell shortly. 

I believe my home can benefit from minor renovations in the basement bathroom, new laundry appliances, painting, and replacing railings on the home's exterior.  2. 

It's not a common thing that people go through when a tornado hits your house unexpectantly and having to do a total renovation.

Here is what I do know so far.Property is a Triplex with 2 units currently rented ou CMHA. 3rd Unit Vacant, renovated and rent ready. 

I would say the only people that could sell their property for market value or higher are people that have cookie cutter homes (ie Condos, town homes or homes in HOA communities and where homes are renovated).