We feel like this gives us a pretty good background to start, but by no means do we think we know everything we need to yet.The area around UCF has improved quite a bit in the last 10 years and home prices have risen considerably, but it seems like there are still some promising areas to find deals.

Please advise and give any tips to get a good deal.

I'm in Orlando and the homes here keep reimagining what can be done with garage spaces, I'd take a look at them for inspiration.If you are happy with your occupancy and rates, just make small adjustments that your competition doesn't offer and maybe you can get a little more per night.

So, either adjust the price or improve the property.

A few years back we had a huge fire in our area, and it burned hundreds of homes.

The VA's guidelines do require the buyer assuming the VA loan to occupy the home as their primary residence when the assumption is processed.

An agent brought a property that would pay for itself and had the potential to increase rents and make non major improvements to increase rents.

With many seasoned real estate investors locked into low first mortgage rates and large equity positions, many borrowers and investors have been exploring tapping second position loans like home equity lines of credit for reinvestment capital towards down payment or rehabilitation funds. 

Given your situation and concerns, here's a breakdown of considerations and advice:Pros of Renting Out Current Home and Buying a New Primary Home:Living Condition Upgrade: Moving to a larger, newer home with boutique features can improve your living space.Rental Market: West Town in Chicago generally has a strong rental market, which could provide good rental income from your current home.Portfolio Diversification: Adding another property to your real estate portfolio can enhance diversification and potentially increase long-term wealth through property appreciation and rental income.Cons and Concerns:Interest Rate: The current interest rate of 7% on a new mortgage is high, and there's uncertainty about future rate decreases.

According to our understanding of the VA home loan guidelines, a property can be up to 4 units, and mix use is allowed so long as the property will be the buyer’s primary residence and the the commercial use is subordinate to the residential use comprising no more than 25% of the property space.