Yes, it is an excellent idea to formulate a plan for monthly payments and additional budget considerations. I see your lease is up this month, per your post. If you have not started looking, winter is a great time to buy a home. Please let me know if you need my assistance.
In general, a loan pre-approval is only valid for 60-90 days prior to a purchase. You may have to reapply for the loan if you do not revise or renew it before that 90 days period is over. An application fee may be applicable.
I would suggest you contact a lender to get pre-approved. You first have to secure financing for the home. This conversation will help serve as a determination if you should buy or continue to rent. It will also help determine what you budget ceiling will be. Once you are pre-approved contact a local Realtor. We can show you homes in the Las Vegas or Henderson market. You can see if your budget will adhere to what is affordable and where you want to buy. In addition, save for closing costs. Please let me know if you need my assistance.
Congratulations on your pre-approval. I like your logic as you are looking at your future home purchase as an investment. It is important to appreciate a home, but resale value is a huge consideration. One thing I did want to touch on is looking down the road, you would need to find out from your lender if you can carry two mortgages should one not be your primary residence with rental income. Please let me know if you need my assistance with your home search.
I would advocate you contact a lender to help determine your eligibility. The typical score is 620-650+, but many lenders do work with challenged credit.
Start with your lender. Every lender has different guidelines. You would also need your certificate of eligibility to qualify for the VA Home Loan.
Per a property you are selling, contact a local Realtor. They can provide you with a CMA, "comparative market analysis" to help determine an estimated value or listing price per the comps in your area.
Given financing is in play and all considerations have been made, then yes. If the market inventory is low, it may not allow for one to look too long as they may lose the ideal home to another accepted offer.
It can be beneficial to utilize the same agent for both transactions, if they are highly motivated. If their level of expertise is proficient for both, keeping it "in house" can be useful for both facets of the transaction.