I would look at buying 5 properties using loans that have some sort of value add aspect in a market that I believe will appreciate at the minimum of the historic national average.This may be a rather boring and unflashy answer but I believe it would be the best money spent in my current knowledge and expertise.  

And there are lots of conventional loan programs where you can put down <20%If it were me, and I was committed to purchasing, I would try and land an off market property needing a bunch of work and force appreciation that way.

You said that you are applying for an FHA loan so it sounds as though you'd be living in one unit. 

You guys need to get rid of that student loan debt.

However, the ex wife name remains on the loan itself.

I have been trying to save up money but it is not near a down payment for a traditional loan.

What’s the purpose of the loan and what is the collateral?

That affects your loan amount and then principal & interest payment.2) Estimate rents based on recent rental comps3) Account for all operating expenses such as property taxes, insurance, repairs & maintenance (landscaping, snow removal, cleaning etc), property management (if applicable), vacancy, utilities (what does the tenant pay vs what you would pay?)

Yes I know about the VA loan (no down payment) and VA disability payments, more on that later.  

OO loan seems like real long shot.