Will investment prop disqualify me from dp programs on 2nd home?

[Mary Ann]

I'm concerned that buying a prop as an investment first may disqualify me for first time homeowner or dp assistance programs when I am ready to buy a second home - the one I plan to live in.  I do not have enough savings now for the second home I want to live in, and need to use a house as the bank (a strat I learned here on BP).  If I pay cash for a 50K house, do I automatically have equity to use for a downpayment to purchase another house?  Any clarification on this is appreciated on the best way to do this!