In order to do so, I would need to do a cash out refinance of the first property, and was told I can pull out $80,000.

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

Do I wait another year to save more, or do I look into a HELOC or a VA cash-out refinance? 

But it would give you time to save up for the 20% on a refinance in 2 years or give you the ability to use any equity gained to refinance in 2 years.

You might also look into learning about BRRRR (Buy, Rehab, Rent, Refinance, Repeat), a popular method for scaling a portfolio.Network Locally: Engaging with local investors and attending meetups in markets like Dallas or Fort Worth can provide insights and connections that are invaluable.You'll find that momentum grows quickly.

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

And I’d like to build the single family home and refinance with a dscr loan.would anyone have any advice on this or suggestions 

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

I only plan to manage these two from out of state until we're able to refinance our second home as we're losing money on this particular house for rent as we bought this home last year. 

Would the 9-year balloon concern you, knowing you'd need to refinance or pay off the balance at potentially higher market rates in the future?