BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Get the comps and the rehab as close as possible. 

I was thinking either to refinance my current VA loan or get a HELOC and use that money to purchase some rentals and I plan on holding on to the properties for as long as possible. 

It may be possible for the homeowner to talk with their lender's workout department and negotiate terms to pay off the arrears, penalties and late fees on a new schedule. 

If you didn't do the reduction and let it sit vacant for another month or possibly longer, you've lost $2000+.3.

@Olecia Williams Though it's still possible to purchase a second/vacation home with only 10% down, it may not be your best option. 

Yet another reason, (albeit not in the top three) why all rental property should be in an LLC with a wife or child as a partner (even .1%) so as to file the Form 1065.Number 1 is liability protection, Number 2 is privacy, Number 3 is ease of transfer for estate planning, Number 4 is possible sale of the LLC to conceal sales price (also called drop and swap), Number 5 is having a single entity for financial reporting, Number 6 is brand identity.

I actually recommend house hacking as a first step if possible. 

They are going to have a pool, possibly hot tub, maybe a snack bar, and be beach front. at least comparing to the PCB market, most houses in comparable prices to condos dont have those things and are not beach front.

While it's still possible to use older comps if they’re in the same neighborhood, you’ll need to adjust for differences in condition, renovations, and updates.