Once there is enough equity, you can refinance it on a DSCR or Conventional loan so you can use your VA entitlement again to purchase your SFR.

Typically Conventional will end 42% of DTI and FHA can get up to 51% DTI (and based on your credit score I think you should stretch to that 51%) Just a few things to start thinking about as you are working through the process. 

From the financing side of things - keep in mind that conventional cash out refinances require 12 months of seasoning in order to use the new appraised value.

I believe after the holidays the other unit will go quickly.What is the rule to refi into conventional loan?

Great idea, although conventional and FHA renovation loans are somewhat of a pain to qualify for.

There might be some hoops to get through with conventional financing with your income situation, but if that doesn't work, you could use a debt service loan.

Fix it before the next month.These are mostly conventional loans.

My best advice would be to link up with an agent with access to some off market inventory.

Of course we did not wrap conventional loans only private mortgages that had no due on sale..

In multifamily here in Reno, NV (just over the hill), we have seen some great deals with higher cap rates for buyers, but also very low cap rates on some renovated, turn key inventory.