assuming they would not restrict your use of the property for investment purposes I have to wonder if this would be an efficient way of partnering in the beginning of your investment career?

I do have one house hacking client where I sold his condo and then helped him buy a larger townhouse where he can do forced appreciation through rehab (which worked out really well.)I went from a house hacking condo, used a HELOC and then did the FHA 203(k) to a house and built an ADU.Because of the rental restrictions, it might make sense to sell at some point since profits up to $250K is tax free and scale up that way. 

@Ryan Randall  talk to the fire marshall and get a copy from them of any local restrictions. 

We don't have rent control, there are no restrictions when you renew a lease.

I’m about to PCS to San Antonio for a year and was considering buying an investment property to live in while I’m there, then rent out after I leave.My question is this: since we’re restricted in getting fixer uppers with the VA loan (I know there are renovation loans), what are you looking for with the property?

Find out what the local regulations are and check the local paper if there are any restrictions being proposed for the area. 

As someone from Newburyport, I see similar trends in greater Boston and agree that strategic investment is key (espeically with tightening restrictions).

Typically they have been restricted to Wall Street type products like stocks, bonds, and mutual funds.

However, if rent control is too restrictive, it will chase housing providers out of the city.

The current area we are living in is very expensive (Boerne, TX) and is a heavily deed restricted region.