We are interested in refinancing our VA loan if it is worth it.

@Timothy Parish Yes, you should have take out 401k loan vs what you did.

Also there is no restriction on acquiring conventional loan on primary residence even if you have maxed out on conventional loan for rentals.

I set up loans, and with this amount of months, you could be "swallowed up" by the interest and not make much money- or worse yet run out of money.

Most lenders will for try to send you down other roads first such as a loan mod or short sale, before they agree to DIL. 

Use all of the proceeds and take a smaller loan initially. 

Buyers could look at a DSCR loan which does take into account the revenue from the rent but it doesn't count towards the value of the property.Now, buyers could look at a business loan of some kind but I am not sure they would qualify if it is only one property and even then, the value is mostly in the property and not the possible revenue. 

Quote from @Kody Smith: without getting too deep into my finances, what my strategy is...1. take loans to buy properties (leverage)2. fix/flip for day to day cash flow income3. use some of the fix/flip income to buy consistent cash flow through:- business acquisition, - commercial properties (MF and store fronts),I have no intention of doing ALL of the management myself, I will hire management as needed (medium term goal)my expected core role is money provider, evaluating the numbers, making decisions, and connecting with investors, wholesalers, lenders, contractors, and property owners.while I am just on step 2 of the journey, I am looking toward step 3 to stabilize, and not worry about if house prices drop mid project or not (or not worry as much) So to be fair this is more about obtaining and growing a real estate business not simply buying rentals for cashflow.

You're likely looking at a 25% down loan for a non-owner occupied. 

So the seller cannot go get another loan for a car, house, apartment, etc. so it damages their credit by stretching them too thin.Am I missing something?