It's my only investment property purchase and it has cash flowed since day 1, not much appreciation though. 

I am not expecting to make much (if at all) cash flow right now but do not want to have a -ve cash flow.  

Not that these things keep the house from passing for a VA Loan, but that you don't have $5,000 in cash to do the Upgrades .....

Here’s the REALITYWhile I compliment you on your ambition and drive, lenders want the borrower to have their own cash in the deal, not borrowed money for down payment.  

I have about $250,000 in equity in the property and a cash flow of $1200 not including capx.

I have also looked into small apartments 4-10 units, but found they have an even harder time to cash flow with current rates.  

If real estate is just a side gig and finding deals is tough right now, it might make sense to hold onto cash and wait for a better buying opportunities.2.

It's a lot of cash investment in rehab and this will be my first investment only property.

If so they can get a ground up financing and use that cash on the down payment, as ground up financing can finance some of purchase and most of construction costs (on a withdrawal basis)

In this market a lot of properties cannot work for cash-flow or a flip.