We plan on splitting our investments 50/50 and we both have very similar long term goals.

You'll need to plan to pay it off within ~10 years, too.

I suppose you could work out a plan with the tenants to do a more gradual increase of the rent rather than doing it all at once to be more income-friendly and to allow them to attempt to budget for the increase but you may also risk losing them anyway. 

It's an excellent place for both new and seasoned investors to gather, network, and delve deeper into specific investing topics or strategies.If you plan to use private or hard money, the barrier of entry is a bit tougher for new investors.

The amount of the gain exclusion when the house is sold will likely be impacted, I recommend your family member speak with a CPA when they plan to sell just in case their fact pattern has changed. 

It's great to hear about your real estate investment journey and your plans to expand in Houston.

I still have my first investment property from 2015 and plan to keep for many more years. 

Love your plan and why behind what you are wanting to do @Stacy Reese!

Personally, I think it could be a great marketing plan for sellers if they purposely advertise to VA buyers and offer to cover the funding fee. 

What is your final plan for the property (rent the units / sell)?