I have very little equity in it and my loan balance is around $400k. 

The loan officer came back with questions that I need advice with.

This affords the opportunity for a homeowner to sell the property if it is not under water for market value and pay off the loan before they are foreclosed upon, or more commonly, short sale the property with the bank's approval. 

If you need to access equity for a second investment property, a HELOC would be a better option.Currently, many investors in long-term loans are seeing reduced cash flow due to high rates, taxes, and insurance.

That is because of the financing available with the owner occupied loans with the longer (30 year) fixed rate debt.

Let’s assume the property has $313,000 in NOI Valued at 6.26 M 5% cap loan $4,695,000P+I annual= $413,400> NOI5.216M 6% cap loan $3,912,000P+I annual= 344,460 > NOI4.47M 7% cap loan $3,352,500P+I annual= $294,708 <NOI cash flow +

One time close construction loans have higher interest rates than traditional mortgage loans .

You will need to investigate on the property market before you can identify specific locations which have higher value gain through pricing and also renting.Explore different financing options according to your financial situation, such as FHA loans or renovation loans, based on your investment objectives.

Being in the military will allow for you to use the VA loan.

I would suggest looking into a low down loan, preferably conventional over FHA.