Assuming all expenses are 2K per month does that property produce 1K per month in positive cash flow.

I wouldn't buy anything where as an owner I am responsible for utilities.

My goal is to obtain my real estate license and utilize this tool as a means to get the inside scoop on deals and investing in general.

We are also trying to get one of the vacant apartments rented in order to improve the income produced as there are a lot of repairs to be made. 

Late payments, high credit utilization, derogatory public records, collections?  

It is a product they offer for those unable to utilize the VA loan, however after calling them for the second time to verify that I would qualify they stated that it can only be used for secondary properties but not rentals.

Are you paying utilities? 

Property 1:Rent: 1625Mortgage: 560Repairs: 1000Owner Operating costs (utilities): 382Management: 114 (8%)Taxes: 100Capex: 112Vacancy: 70Insurance: 67Property 2:Rent: 1745Mortgage: 765Repairs: 3000Capex: 175Vacancy: 87Utilities: 60Ins.: 70Taxes: 105Management: 140 (8%)Thanks for the help @Taylor Chiu

And in Des Moines then you have to factor in utilities paid by landlord too.

Along with that, you may also be able to utilize a 203k loan which allows you to finance the renovations of the property, roll those costs into your home loan and amortize them over 30 years.