Since the apartments are doing well, is there room and feasibility to convert some of the storage area to new apartments?

The prudent thing to do is get some sort of feasibility report which includes the vacancy rate for residential units as well as commercial, more specifically restaurants. 

With all the strict VA guidelines and such, how feasible is it to be able to get a somewhat distressed, more along the lines of very outdated but livable, property with a VA loan?

My wife and I are finishing up paying off our credit card debt and will soon be able to be able to set aside $4-5k a month for investing. After researching some options I believe I want to follow the advice of Grant C...

It's great when you accomplish the dream together makes things feasible! 

I guess my question is; Does this seem feasible?

Since you have the incredible market appreciation on the condo, would it be feasible to do a 1031 Exchange?

I will do a little cost evaluation (realistic rent in the area as well as talking with my property manager friend on cost as well) and see which is more feasible (cutting my losses or renting long term).  

I recently came up with a plan to (over the course of 10 years) purchase multiple BRRRR properties using cash (savings/private money etc.) and I was curious if it was feasible.

All it takes is one bad offer to ruin what could be a feasible deal.