I would be more likely though to find a way to market the apartments to law enforcement to increase the probability of a law enforcement officer moving in.

Does any one have experience purchasing a VA loan backed property utilizing an ARM and then refi'ing into the IRRRYL before the rate increases? 

Howdy @Ryan ClevengerBesides living in it for one year you will have to figure out how to increase the equity in the property.  

And then take into consideration that nobody can really calculate an accurate cap rate until after the property has (or hasn't) performed.So with that said, generally speaking if you are getting 5% in that area of SLC you're doing pretty good - probably better than most.   

Every 6 months request a credit line increase. 

It's a very short document which states only that you are assigning all right, title, and interest in the purchase contract to another party "in exchange for valuable consideration".

That is often the most important consideration other than cash flow in investment?

This will increase the monthly payment however which decreases the cashflow of the loan. 

Increasing prime rates, partial dismantling of Dodd-Frank, and Fannie Mae increasing allowable debt to income for new purchases to 50%.

I'm skeptical of steady rental increases for 30 years.