I've done several deals like this with commercial leases, but haven't ever applied the strategy to a residential property.

By pulling forward 15 years of depreciation (I'm making up that number) and applying it to the first 2-5 years, there is typically "left over" depreciation that can offset any gains at the time of sale, say year 5.

Hey BP,I applied for a mortgage with a lender I've used before.

Acute investors know how to apply the debt snowball method as a way to own their real estate investments free and clear.

That applies just as much to an REI professional as it does to the average renter.

They have instructions on how to apply for an “extenuating circumstance" refund.

What appreciation rate are you applying to the property?

Yes you can have more than 1 VA loan at a time, however to @Derek Smith's point, the new "no cap" rule only applies when there is no entitlement used. 

If you were my client I would say several things at this point;Whether you're a newbie or a seasoned investor the rules of successful investing still apply and due diligence is vital so cool your jets. 

If you're using a percentage, you should apply it to the total rent.