To ensure you’re not overpaying, compare these quotes to typical rates in the area using resources like HomeAdvisor or Thumbtack, or by reaching out to local contractors for ballpark estimates.

I'm feeling most drawn to a buy and hold rental investing strategy and like the idea of the BRRRR strategy in tandem with VA loans, basically refinancing VA loan backed mortgages to conventional loans once there is 20% equity in the home.

They have had 100% occupancy at market rates and currently bring in around $2,000 per month in cash flow.

Assuming you don't have a mortgage that requires a certain level of insurance, you can get a stop-loss policy covering all the properties. 

I refinanced it into a  5% 30-year mortgage with a local bank as the seller would only carry the loan for a year.

What cap rate is the selling asking?

He calls and tells me "the income to mortgage isn't 1:1 and he is going to have to let the lender know."

Now a "Foriegn National Mortgage" has similarities to those mortgage types but you will pay a higher interest rate and be required to have a higher downpayment as well (usually about 35% down). 

For now, it Looks like your roommate/tenant can cover half of your mortgage (plus hoa fees). 

As-is cap rate of 7.5% in my market (kc) would be pretty awesome to buy.