A wise investor will not try to get rich quick with shortcuts.

In my experience, traditional banks tend to have pathetic mortgage lending competence because they haven't invested or cared about this vertical in over a decade. 

Traditional financing currently in my 3rd year into the hack and looking for another.

I was in it until I read Rich Dad Poor Dad. 

Would it be a mistake to not take advantage of the low money down loans for a first time home buyers primary residence, and instead attempt to invest out of state in a traditional investment property?

The rich get richer, and like George Carlen said--it's a great big club...But given that....don't see the glass as half empty, instead see it as half full.If you want to be a big fish (accredited investor) RISK your investment money in things you think will get you to that goal.

And harder to work through those details with traditional lenders. 

Real Estate investing is a long journey not a "get rich quick  phenomenon. 

Traditional roof.

Non-QM loans are financing products that are outside of Fannie Mae/Freddie Mac and are non-traditional and because of that, they will typically have higher interest rates/points.