The idea is that you buy a great deal, rehab so that is worth significantly more than your total in cost (I'd say at least 15%), rent it out, then refinance. 

I totally loved this podcast.

If I do a 1031 in the next few years, I'll totally renovate the property prior to sale, so any money I put in now may be a waste. 

As long as you don't put both your names down on the loan.VA loans don't have a cap but to get the zero down payment benefit you have to keep your totals under that $453k or whatever the limit is for your area. otherwise you put down the difference.You can get a certificate of eligibility on your own through the ebenefits portal or a lender can do one for you when your ready.I was trying to find a good article that i read a while back for you but i don't know where i seen it.

@John Underwood totally true!

I'm not totally confident in the results and reliability on those sources, though.

With all that said, mine was a total gut job, so if you're just updating stuff, and can get a project completed fairly quickly, the stress shouldn't be as much. 

@John Casmonno that makes total sense, its not just yields there is more to it.

That makes total sense.

Obviously I will need a recent paystub from my current job, and a tax assessment.