How many times can you use your VA loan? Also, can you use it to buy a property and rent it out?

You can not use a VA loan for a rental/ investment property, full stop. You sign documents that it is your primary dwelling. You can only have one encumbered at any time. Technically you can get two but it caps at an amount that would not support two homes and it turns into a conventional loan. I just went through this in the last 12 months so it's reasonably current.

Caution on fixer uppers. The home has to be inhabitable, turn key. The VA won't approve the home as their stake in this is to ensure the loans they under write, do not make a veteran homeless or cause them undue hardship.

I had to buy my current home conventional because the people who bought my VA loan home couldn't/wouldn't move the closing to unencumber my VA loan. That little ditty cost me twenty grand or so plus 4800 a year in mortgage payments. I just re-financed with a VA loan at a much lower rate. It cost me $7k to close because the refi could only cover 90% of the loan. VA apparaiser low balled the value and didn't account for the local market as he came in from another state. Long story.

You would need to secure a conventional loan for an investment property.