It's done all the time you need to know the lending rules for your state.  

The general rule is that a veteran may have only one outstanding VA loan at a time.   

Right off the bat, I can tell you that the property currently will probably not support a $1 million price.

You'll either want to create a partnership agreement or form an LLC and create an operating agreement, which will incapsulate both of your rules, responsibilities, rights and terms of the agreement.

These are not particularly onerous, and, quite frankly, are probably a good rule of thumb to follow.  

PROACTIVELY Structure the deal.HOLD the property, refi and take out cash repeatedly if you need it and current lending rules allow ( that option cycles about every 5 years!)

Keep in mind local rules apply.

They ended the tenancy when they decided the missionaries would be better supported if they lived in the homes of local LDS families, so they stopped renting apartments.

But I've never been a big believer in following arbitrary rules. :) I can get away with it in my own house, on a flip or rental I wouldn't try it. 

I couldn't have done this without the support of my wife, my family and friends and most importantly the BiggerPocket community.