Investment property financing requires 20% down, keep that in mind. You might fair better using your VA again to upgrade your primary residence and rent out your current house. I don't know all your details on your current financial situation.
As for the wife, good luck. Everyone's becoming a Realtor now. They think all they have to do is sell a home a month. Easy peasy.
This is great advice for the OP.
Bush is an excellent source for advice on rental property.
We've discussed this before in previous threads, but the market is WAY, WAY over valued right now and I'm staying out until I see some price drops. I'm not sure when that will be, but there's no way home values can continue to rise the way they are.
One of my favorite books is Rich Dad, Poor Dad - he talks about the 1% rule. For Bush to get 1.2% is VERY impressive.
I've been looking for properties that can get the 1% rule and I'm zeroing in on Englewood, Port Charlotte, Punta Gorda areas - lots of properties under $175K that rent for well over $1,000...so it's just finding one that brings you close to the 1% rule. (but I'm still holding off right now - I sold one of my two rentals last year and I banked the money in a brokerage account).
For the OP, I think NV's advice is solid. Rent out your current home and find somewhere else to live. That's how I got my first "rental property".