Something to keep in mind with STR, that's tied to why REI is a smart game to play - control is the name of the game.You want to control the guests and rates (vet them in hopes of avoiding property damage, set rates to attract those willing to pay more for quality)You want to control the costs (furnishings, consumables, cleaning/repair/plumbing/electrical)You want to control the property (choice of property, location, financing terms, well or city water, septic or city sewer, etc)This is all going to be very hard to do, if not impossible, if you don't OWN THE PROPERTY. 

Painting and other minor repairs.

@Amy Yarnall Become an assistant to a realtor and you can get access to MLS. 

She has 11 different properties in a prime area of a college town that are all in need of repair.

I spoke to the Office Assistant of safety and permits in NO earlier this afternoon.

She owns her own divorce care consulting company and assists with the "what to do's" and "how to do's" of divorce. 

Live in it for a year to meet the primary residence rule, make the cosmetic repairs to force equity, then look into refinancing out of your VA loan into a conventional loan, so you can use your VA loan again. 

Believe he can assist you w your refi. 

During that time I’d also have the line of credit to pull on for repairs/vacancy/maintenance, and I’d have that line already established for my next investment.The second option is to put traditional mortgages on them in 6 months once the sale seasons.

All in all it seems to me that getting the additional bedroom and bathroom to be legal should cost under $1,000 for permitting and inspection and potential drywall repair.