I already own four houses though only three have mortgages, so I should qualify for relatively easy financing with my one more house at least with the same lender.

Since I was in Texas and planned on staying there I found out that I was qualified for the broker license test so I took it and got a license.  

@Ellie T. you can use your HELOC on your primary and still qualify for the "Delayed Financing" exemption.

For example, if you purchase this property and rehab it you may not qualify to refi.

thanks so much for your detailed response @Paul Smythe,  yeah i will need to get some info about the FHA 203k rehab loans,  it might come handy if i will qualify for it.  

I have good capital and can qualify for conventional financing, I don't need a ton of cash flow, but I do want to net maybe $200 or so and build up my portfolio to eventually bring in 1k-2k in supplemental income and then retire on these properties.Anyone that is willing to share advice with me on the following:1- What are some current hot markets that give you the best bang for your buck?

That is great for younger military (and any other person who can qualify).  

If you're over 59 1/2 you can start taking qualified withdrawals from your IRA.

Like i said, neither of us can afford it on our own but will a bank allow us to count both of our salaries when qualifying for a loan?

It looks like in your area certain homes can qualify for a $1,100 tax credit and that you can use their graduate retention pay out towards a down payment if applicable.