This will change your "buy in" price but as others mentioned with your VA loan or if you decide to go with a 5% conventional you should be in good shape to find a property. 

One rental (somewhere outside bay area, but possibly in CA, < 240K) and other SFH (in bay area) somewhere next year.I want to keep my current condo as the HOA has some renovation plans and it will be hard to sell in the near future.I spoke with my lender, but they mentioned that if I buy a rental property then they will provide little loan (~500K) for SFH if I keep my current condo due to the debt to income ratios.It would be helpful if someone can suggest me ways or strategies to buy the rental as well as SFH in the future i.e. more borrowings.

Also, as @Caleb Heimsoth mentioned, flipping takes a lot of time and great management to make a nice profit.

Also do you mention the back taxes or not in your letters?

I will probably contact you for that PDF you mentioned.

There is a third unit that has been vacant for a little less than a year and the current owner's excuse is that it needs some rehab but they mention that "because of other properties needing investment, we haven't fixed this".   

@Andres Bernal, check the downsides I mentioned of installing in-unit washer/dryer.

As mentioned, an LLP is usually for a professional services company and in Florida, an LLP is required to carry insurance. 

and do you put the names of the children on the lease as minors or just mention two children in a general way?

As I mentioned he was an individual managing the properties and so there was no owner portal, etc.