We've utilized the VA loan for our current home, and this strategy has worked well so far.

Purchase price: $302,500 Cash invested: $5,000 Utilized VA Loan for a House Hack for my first Rental Property.

I assumed you'd use HELOC for down payment + another loan for the rest. that is 100% financed. 

Texas does have specific rules regarding home equity loans and cash-out refinancing (often referred to as "Texas Equity Section 50(a)(6)"), but these don’t prohibit homeowners from using funds for investment properties.

Quote from @Vince Scipione: Standard would be an FHA loan for your situation more than likely.

Is there a pre existing loan with that bank with either of you?

I've helped people with SBA loans to purchase real estate for a business, but for buying rental real estate, the DSCR loan is a much better option.

Here's a breakdown on loan options to consider:FHA Loan: @Brittany Minocchi is right in looking at FHA option.  

The modeling of this is actually pretty easy (see link: 42-unit proforma sample), but my model treats the pre-refi loan as I/O, but that can be updated based on your deal.

If you Bank/Lender does not allow it you can refinace the mortgage into a DSCR or true Portfolio loan program.