The problem with southern Wisconsin is that we don't have reliable snow coverage anymore, so you are limited to the summer season and will sit vacant for the winter.

Sorry, been absent a while. 

I've been at this a while and have over 70% equity in my combined portfolio, and I'm over 50 years of age, so I don't look at creative financing options. 

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.

I don't think either Southlake or Frisco are good rental markets. 

As for the areas to target, my goal in getting our feet wet as real estate investors--and since we plan to be living in Sac--is to find a property we can live in while renting out one or more units to help cover our housing expenses, which we can then hold and continue to rent out when we move.

I feel like a GC would have been able to get me better deals with contractors while taking away the headache of not having to babysit contractors through this 1.5 year ordeal.

You don't have short-term maturity risk, and you don't have prepayment penalty risk (just has a 1% exit fee). 

I am willing to use rest of my VA entitlement but interested in approaches that minimize upfront capital requirements while still making deals work.

From what I’ve gathered, it’s crucial to connect with local agents and attorneys since they often learn about foreclosures before they even hit public records.It also helps to keep an eye out while driving—homes that appear neglected or have been vacant for a long time often signal a pending foreclosure.If you're considering this strategy, be ready to move quickly.