Say $100 on a $500,000 property.  

Driving by a property today to see if makes sense to walk.

@Brett Riemensniderwe don't know all the details, but as i said that's a very expensive way to buy property - if you can't afford a property without overleveraging then you might just have to save up more.

I would look at the DSCR loan as the first option.By the way, I suspect you are going to be disappointed by any refi appraisals   ADUs typically appraise poorly   JADUs can lower the property value Vs having the space as part of the primary unit.  

Should you decide to do this full time and do more than 1 flip at a time, private lending and fix&flip loans will be the way to go.

I also want to learn how to fund my first rental property

You should do all the same level of due diligence you otherwise would to buy the property. 

Good morning @Joshua MartinGreat thing about a VA mortgage is you can do an IRRRL even after you have moved out of the property!

Pensacola is a great market for investing and the number of properties available right now is up so there are actually some on market properties with potential. 

Purchase price: $175,000 Cash invested: $35,000Buyout property that needed significant upgrades to bring to rental market in 2022.