Think about what the extra 0.125% will cost you in the long run, $600 is a moot point to get a smaller interest rate. 

I used one to purchase my primary residence and got a great rate and took an extra $15,000 for repairs.

We personally would save up the extra income from the tax free, and add in any hazardous duty pay, family separation pay, hostile fire...whatever...and then use the 10% military combat savings program. 

You are going to want to re-key the front door and the room door every time a tenant moves because who knows how many copies of you house key they made for extras for friends ETC.

Just gotta factor in some extra lost rent when planning cash.  

Just not worth it south the extra cash flow.

I walked the outside of the outdated property and snapped some pics, rolled some numbers in my head around:Mid-range ARV around 400knew doors and windows throughout, 15k including entries for good stuff (I know that's high, better to err on the side of caution)fresh paint in/out at $5 per sf for good stuff, call it 9kflooring throughout, 6.2k at $3.50 a sf2 bathrooms, 15k kitchen 20k including appliancesso about 55-60, plus some extra for unforseen and pool, so 65-70k, leaving me an offer of 200-230ishI'm sitting in this driveway for a solid 45 minutes taking notes, running numbers, pulling title info & last sale price/date (Chicago Title mobile app), etc.  

Start with the appraiser, not the bank.Find an appraiser that can do it, likely charging some extra fee.Ask which and lenders he often submits reports to.

(I'd do it for free but hey an extra $5k won't hurt.) 

My thinking was to get to 4x my expenses using B&H RE, leave the 9-5, then put all the extra cash flow  into a more retirement-friendly investment vehicle.