I have a prospective tenant who submitted income from the VA but I am not sure how to verify this income.

Depending how much you earn you can step up those savings by getting a side-hustle.

Your books will show actual rent income when you have to sell the property.4.

They have no income, so they can't refi or HELOC to use their equity for their personal expense.

My wife and I are fortunate to have pretty solid W2 income and after getting our initial draft of our taxes this year I began looking into cost segregation. 

So I think what you're asking here is how an appraiser would value your property. if it's five or more units, it is quite likely the appraisal would be based on cash flow and Rental income.

Try to get one side completed at lease to have income and then the other to have it totally full.

I use commercial, specifically NNN, as the end of the line where I do the long term holds...because of the cost/income consistency. 

I found a partner with a high income/net worth that didn't have the time to do management or find deals.

Depending how much you earn you can step up those savings by getting a side-hustle.