That doesn't seem right about having to chase your money - but would need a lot more info to provide a better opinion. also are you investing in one property and is your name secured or you giving an unsecured loan? 

Depending on your debt to income, you might have to sell or have an executed lease to secure financing to buy the second home.

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Security investigated to find the renters still at our house.

I like that you can setup different virtual accounts for security deposit let's say, or to separately ledger cash collected through a rent to own contract.

If the loan amount you are looking for is small relative to the value of the first and the second property combined, they are very well secured on a LTV%; ask for a 1% point lower rate.If you don't want to Cross Collateralize, do you have any CD's or MM you can transfer to this bank as collateral. 

The second one to build a security net.I've simplified the deal a lot but... am I missing out something obvious?

A “syndication” is almost always a capital raise for the sale of a security/investment.  

Give her 30 days notice now, keep her security deposit, and send her a additional bill for damages to the unit in lieu of taking her to court for the damages.  

I believe the code says "if a veteran holds legal title to a property secured by a VA loan but does not possess equitable title, this situation is considered 'not a disposition."