I would not disqualify a commercial bank for a refi to cash out with, as they are more receptive (compared to the VA, if I understand correctly), of helping you achieve your goals.

Also, to understand if it’s a deal worth investing in, you need to make sure their underwriting and business plan is solid and achievable 

Look at the homes in your area that are posted for the amount of rent you would like to achieve.

But ultimately, if you wish to treat people well I think it's the path that has the greatest odds of helping you achieve success.I hope that helps.

Now, in order to just get the 1st deal off the ground, I am considering using the first property as Airbnb in order to pull more money out and get the returns I am looking to achieve. 

I was personally lucky to have gotten to 11 rentals myself an essentially on the road to FI with “proof of concept” achieved before a second opinion came into play.

Just to generalize what others have said, ALWAYS buy on actuals, and underwrite the upside on what you KNOW you can achieve.

So far I have never failed to achieve my projected numbers only because I add a conservative fudge factor (virtually all big projects cost more than I think they should but I take this into account on my projections).

What overall goal do you want to achieve by investing? 

Most first time flippers do not achieve a good return for their effort because many times the cost to rehab is less than the value added.We look for a two to one return on our value add costs.