I may have enough HELOC on my current (second house) for a higher down payment.

The current interest rate environment has put a damper on a lot of investor's plans to execute a cash out refinance. 

I am currently in the middle of market research, I have not determined a market yet.

Alternatively, can you purchase a new primary residence with a VA loan and use your current one as a rental? 

Current plan is to sell one unit a year and put the net profits into fixed income.The assets are in the 400k range with older renovations but are somewhat presentable.  

If the current deal is likely to net you more money got for it.

@Marie Grabo I have a STR in Tuscaloosa currently.

I responded to her FSBO ad and made my offer which she happily accepted: a 36 month lease option; I'll bring her mortgage current, (1 month, $800), and continue making the monthly payments; option to purchase price of $88K, (my estimate of value, $100K); and I had the right to buy, sell, sublet, or assign the property at any time during the 36 months.

Hi there,I am currently looking at some STR properties in the Bentonville, VA market and would convert them to STRs.

Look for properties if you currently rent you could move into.