Scott Smith is an attorney so he is qualified to give the right answers on exactly that topic.Listen to that episode. i found it very enlightening.

Word of mouth has been my successful solution to getting people who want to work and are skilled at the trades.

I like that you can target specific area, "likely to move", income ranges, etc. so your ad only appears for those who may be interested and qualified. 

In my market, the seller has to have held the investment property for longer than 90 days in order for it to qualify for FHA.

Yes, banks only lend based on the appraisal value anyways.As far as renovation quality, find a qualified home inspector and let him or her know your plans, they will be the best ones to ask this question to.All in all, since it is your first deal, it can get tricky without a realtor. 

How do you qualify for a 5%-10% down payment?

As long as you qualify you can.

And since it is not new construction, does it even qualify for bonus depreciation? 

Someone more experienced and qualified can go ahead and shut me up whenever they feel ☺️

It might have some residual business.Becoming and expert and marketing yourself to fill your pipeline is what tends to generate leads but you still have to have the knowledge and skills to close the sale.