There's no current loan on it right now.

We approached the existing lender for a loan assumption.

Long term buy and hold RE in good locations is probably one of the lowest risk investment vehicles IMO, similar to blue chip aristocrat stocks except even less risky because even long-established companies can go out of business but real estate very, very rarely ever goes to zero. 

Conventional loan, 20% down non-owner occupied.

If so what are his loan requirements?

For active investments I advocate considering how you can diversify WITHOUT ceding your competitive advantage nor the superior profitability of the niche your in.As an example my business is running an investment fund and syndication high interest commercial mortgage loans secured by income producing real estate. 

We financed this deal using a residential VA Loan.

Account Closed said, income and assets are the only "hassle" with a conventional loan.

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You can get a normal owner occupied home loan to do this.