Currently living on post going back in forth about moving off post using the va loan or just trying to get a investment rental with some kind of creative financingAs my limited experience has shown me, it's going to be difficult finding a home that is VA worthy with the intentions of having a stable cash-flowing property in good areas of Oahu.

You have to start at one end and slowly work towards the other - sort of like putting self-adhesive shelf paper (Contact paper) down, if you have ever done that.The veneers I have seen are just plain wood, so you have to paint or stain them to match what you have. 

She insists it's stable but I've never worked with this before, and am wondering if there are any risks I need to be aware of?  

I only ask this is because it seems like there is opportunity to provide a service to endowments, pension funds, and other entities that don’t want risky investments. they want stable cash flow.

I would not do a flip for your first investment, get your feet wet with a stable rental that maybe needs some updating you can do to "learn the ropes".

Any other suggestions because I'll be moving equity from an even more stable market 

Renters have stable longer term jobs and have had a good history, though not excellent credit (around low 6s) but no judgments. 

But with that being said - would you rather go in white collar areas with a higher risk of tenants losing their high income or should it be a blue-collar area where jobs are more stable, but cash flow is lower?

Its affordable to the average investor, its very forgiving if you make small mistakes and the market is strong and stable.

The market seems to have space for both top-shelf and the bottom-shelf (the $400/lb).