Feel free to reach out if you have any questions.

My main concern is the cost of turning the property into a MTR especially with this being my first property.

I specialize in STR'S Feel free to connect and I can cover in more detail. 

@Kyle Gray I'm licensed in CA so if you have questions about VA feel free to let me know and I'll answer them to the best of my ability. 

If the pricewould have been $20k less I would have been good with just a VA loan.So depending if you're looking at a larger more expensive house, I wouldn't refi the 1st one as I'm sure your interest rate is pretty low, plus adding closing cost would add more $ being refinanced.

If the property can be respectably sold for $250 you have to be all in at around $200 including the commission and carry cost.

Consulting with a tax professional can help ensure you meet all IRS requirements and maximize your tax benefits.

What’s the best way to remodel this that will be the most cost effective?

Replacement cost.

We took over the property management because the owner was having multiple issues with a few of the "tenants" that have illegally sublet the property, and we are now dealing with the ripple effects (e.g. squatters, dogs, dispute with neighbors etc.)The landlord is cash strapped, and has asked me to go in on the property/deal with him in order to get a cash infusion to cover legal fees & renovation costs.