You could do something like what you want if it was your personal primary residence and even then the interest rate would be ugly. 

Investment Info:Single-family residence buy & hold investment in Lucien.

@Devan Praska I do not have a manual for my tenants but have created a manual for each of my properties in the event that something might happen to me and someone else would have to take over the management of them.

Depending on comfort and cash, it might be a viable option as you can build equity and then sell without having capital gains, assuming it's your primary residence and you've lived there for 2 years.

Investment Info:Single-family residence buy & hold investment.

If you feel ambitious, you could try a BRRR strategy adding additional equity to the subject home and then taking equity out of it to pay off either the HELOC or if you decided to the refinance the primary residence. 

Investment Info:Single-family residence fix & flip investment.

This is an investment property of the seller, not their primary residence.

The main condition was I had to have the downpayment (20%) first, close the deal, and then execute the owner financed 2nd mortgage. 

Best advice to you would be to use that VA loan as many times as you can and buy primary residences for a year, rent them out and then buy something else with the VA!