QuickBooks Self-Employed has a receipt scanner feature and organizes expenses by property or investment type.

If we do everything correctly and we screen carefully (credit check, employment verification, etc.), what would be the worst-case scenario?

Read a few booksz like Brandon Turner's, and you will see how your VA loan and a few time tested strategies can be employed.

Part of the reason I threw myself into work and used to work 60-80 hours per week until I was let go last year when a new Upper Management came on board and started replacing managers with personnel from his previous employer.

What are the major employers in Waco, besides Baylor?

If you’re self employed (or can be) with no full time w-2 employees outside of you and a spouse you should consider the solo 401k instead if SDIRA.

I prioritize applicants with a high income-to-rent ratio, a good to excellent credit history, and a stable employment record.

Solo 401k requires self employment with no full time employees other than you and a spouse.  

If you have a 401k at your employer, maybe you can take a loan from there instead?

It's worth reaching out to Corporate Housing Groups (most HR Departments at large employers have this division as well as Relocation Companies that you can find via an internet search) to offer your property as a 30-day furnished rental.