Kevin,The "First Time Home buyer" does not apply to investment properties, only for first time residence purchase. 

I think there was a handful that applied before school started but now that window has closed.

Obviously exceptions apply and this is just a generality  

I will post an update once I do but until then here is what I know:You can apply within 12 months of commissioning (and either up to 6 or 12 months after commissioning -- I'm going to call USAA and check on that timeline).I'm not sure of other qualification criteria but it seems like a loan that is fairly easy to qualify for..

I do have fairly good credit, and plenty of sweat equity.

I suggest not to mess up your own credit and get evicted or unable to lease later.

. - Mortgage credit inquiries are not a concern, nor do they have a "hard" impact on your credit.

We have about 40-50K to invest from our HELOC, Line of Credit and 401K.

How I do it is through selective screening and I have been 100% successful.By instituting certain screening standards it will naturally eliminate the vast majority of non target applicants.For example young couples with children will generally have lower credit scores. 

The criteria when I applied and received mine was some of the same factors as though I was applying for a regular mortgage, DTI, credit score/report, W2, paychecks etc.