my monthly income barely breaks even with taxes mortgage etc..any advice is appreciated. thanks

It really should only take about 10 years to replace your W2 income.

In judicial states in which the foreclosure process often takes a year or more, this not only generates income, this also typically mitigates property deterioration, vandalism, and other costly issues which diminish the value of abandoned properties which remain vacant for extended periods.

Income looks a little light to be able to cover mortgage payments, assuming you're maxing out leverage on the VA loan. 

We wanted to get one maybe two properties and sit on them until after college where we will have stable incomes and be looking to buy 1-2 properties a year.

I can pay carry cost for a few months... 3) I considered renting and Pulling 100% of my cash out and paying off the HELOC... the rental income would not cover the mortgage payment.

This could be a good additional income stream later in retirement.Am I putting myself at risk?

I'm trying to get my daughter into a house as well as she is 21 and has good credit but is a full-time student so her income is not on point just yet.

Thats an easy fix DSCR all the way we do not look at income or employment.  1031 allows you to move the funds into the next property tax free. 

That means a buildings sells for 18x it's annual income.