The backbone to investing is security and you build security of your own entity by clearing up your finances and presenting a strong product to use the great benefits of the VA loan.

The bank knowing this, I'm sure they will be asking to secure an employment first and that brings me to my next question. 

This house's basement was flooded to the ceiling, submerging the oil burning furnace, heating oil tank, security system panel, electrical panel, and water heater. 

Her Concerns:Current home location, cannot re-create for the price point we got into this house, $250KToo much debt to get started (target purchase price above), she suggested partners, and I agreedDoes not want to sell the rental property and put all the money into a new investmentBottom Line-I needs advice as to the best way to posture our family to move into a multi-unit property that will give better security in our current markets environment. 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Most commercial lenders look for a track record of experience before working with you, so as a first time investor it may be difficult to secure that type of loan

@Bryan Eugene Long its LITERALLY as simple as get someone else to fund your deal and you have a Note, Security Deed and other docs if needed just like any lender would so your lenders money is secure. 

You have to secure an access agreement with the seller.

I think the obvious advantage is job security.

At what point is the security deposit forfeited?