People will try to take advantage of you sometimes if you’re not there.

So even though your rate is slightly higher on just the 75k (not all your debt) it can still be more advantageous.  

CameronA potential downfall is your tenant destroying the place and causing you a years worth of rental income to put it back in it's original condition all while being judgment proof.Tenants will also constantly lie to your face about pretty much anything that advances their position, so you have to do extraordinary due diligence.I'd also prepare to be taken advantage of, assuming you allow for it.

Since you qualify for 121 by having lived in it for 2 out of the previous 5 and since you qualify for 1031 because it is being used as an investment you can take advantage of both sections of the code.

Is there any advantage to maxing out our LTV on our first rental, so that we can have extra $$ for the next house, or does it depend on the next deal?

There are advantages to the new build in no/low maintenance.

Again, this is my own personal opinion BUT It is a perfect storm to be taken advantage of and it is HIGHLY likely that something will go wrong.

I’ve read the tax advantages are great but would it be recommended to get an accountant when tax season rolls around or try doing them myself.

So glad you took advantage of the VA loan in this way, I've heard nothing but great things about Alex as well. 

And advantages and disadvantages of the different brokers.