@Seth Parmelee LOL - I guess we should start qualifying the state...there is actually a Greenville in every state in the union.

The property you're buying needs to be 100 miles away from your duty station to qualify according to HUD if you're not going to occupy.

This also gives you the option to flip income to your wife at a later time if you want her to have higher income to qualify for a mortgage when you're tapped out (not tax savings but good to have the holding LLC).You can also have your tax bill charged to the holding LLC for a portion which is tax deductible while your 1040 tax prep fees are no longer deductible with tax reform. 

Given the fact that Roth money was invested post tax annually when I qualified, would I need to pay taxes on this money upon the sale of the property, or would this money grow tax free as would all other gains normally made in the Roth outside of a real estate transaction?

But how does one apply and qualify for this 5% down loan??

I'd suggest if you can qualify with just one or two of you, then just have your parents give you the money on the side.

. $300-$350k seems to be the range of house that meets my criteria in this area.The only problem is that with my debt to income ratio (student loans and a car payment) I can only qualify for about $250k.Running the numbers I know that I would live for free and even cash flow a small amount on a property, but of course mortgage companies don't look at this when lending. 

Lease options are only good for 180 days. 95% never close- avoid unless they put up a large down payment, qualify via RMLO - do not exceed 180 no matter what on lease option2.

A pre-approval letter and proof of funds for a down payment don't count for much when qualifying co-op buyers.

@William CollinsMost landlords have a grace period and allow late payments .