I'd use the enemy method over Airdna data.Higher interest rates, high property values, increasing STR rules and flat put bans plus oversaturation are things that make this a tougher business.You really have to do your research in identifying an area and a property that will cash flow today with no guarantee it will keep cashflowing in the future.

Good on you for saving up a substantial down payment so you don't have to go down that road. 

I would have the current owner provide you proof of deposits for the last two years for the rent receipts (look for steady on time payments as well as consistent amounts.).

That currently is my plan, I have been trying to figure out though if I am planning on putting some money down, to keep the mortgage payment more reasonable, is using the VA loan still beneficial?

They use different methods to purchase.

Make sure to pay your bills on time and if you have large amounts of bad debt work on the snowball method to pay it down.

If so, can additional funds be brought to the table to fund the new property's down payment?

If you have money for down payments and construction, funding will be fairly easy with a hard money lender (also need a credit score of 620-660 min).

You track record from #2 may help with this.5) I offer this cautionary thought regarding the BRRRR method touted here and on many other sites.

Payment history looks good.