Usually when there's behavior like this, from VRBO or other companies, there's a stretch and they have already knocked on the door of consolidation via acquisition(say booking or airbnb).

So my plan is to purchase the property, build a quadplex and once completed roll the land and rental into a consolidated VA loan at 0% down, no funding fee and closing costs rolled into the loan.

Consolidating everything will 1/ allow you to better systemitize and keep track of everything and 2/ will be easier to get financing on future properties. 

What you can do is a cash out refinance and pay off the Heloc and take out some cash and consolidate (2) loans into one.If you were to calculate (3) loans more than likely your "blended rate" would be higher than a COR right now.

@Rob Rayborn, The timing with a 1031 exchange doesn't have to be a problem with your situation which we would call a consolidation exchange.   

Hi Kit, It may be best to consolidate the mortgage and lien into one loan.  

Than consolidation.

Does 1031 exchange allow consolidation of smaller properties into a single larger property, assuming there is a buyer investor willing to buy all smaller properties, all at once? 

Even go from multiple SFHs and consolidate into an industrial building.

It can be beneficial if you want a larger sum upfront or want to consolidate debt.