Early Distributions from an IRA for a 1st time home buyer 72(t)

[Michael Walton]

Hi,

This is sort of a unique question that I've been struggling to find guidance to online.  First, my situation:  

I own a four-plex that I purchased in May that I do not, nor have I ever resided in.   Outside of our lone investment property, my wife and I have never owned our own home, and we're currently renting.  I'm 32 and my wife is 34.

We have a good amount in our IRAs that we are looking to potentially tap into ($10k each per the IRS rules) IF we qualify under the first-time home-buyer early distribution not subject to the 10% penalty.  

Simply put, do we qualify?  As I mentioned, I'm struggling to find guidance online for our particular situation since we own property, but it's purely a rental that we've never resided in.  I know of the 9 or so things you can qualify for tapping your retirement accounts for penalty-free, the first-time home buyer exemption is one of the areas taxpayers misunderstand/screw-up...so any help would be greatly appreciated.  

Thanks in advance BP!

-Mike