Rental property question
Hello everyone,
I am pretty new to this rental property business. I'm currently serving active duty military. I had bought a home in Tucson, lived in it for a year and is now being rented out while I live on base. I think I had made a few mistakes with buying this home... It is a 2 bed 1 bath townhome. I used the VA loan to buy it. It was a turnkey property. Only thing I added was I leased solar panels on it. My mortgage is $1,481 and it's being rented out for $1,525. No not much room for any potential expenses. I had already refinanced using the VA IRRRL. Now looking at the pay-off on the home and what it's worth, I'm underwater 20k. I'm not sure what to do. I would assume I just try to keep it rented out for a few years then try to get out of it.
What do you guys think I should do? Tips or suggestions?
Also I have been reading books and watching videos, I see everything about all this different types of loans you should use for low down payment etc. I don't seee anything about the VA loan. (I know that audience is very limited).