2 part question I am now credit worthy (mortgage score qualified) and after selling my wife on the fact that our 2016 tax return must all go towards our first Investment property and first property in general.

Single family houses are incredibly cheap.

School does an incredibly poor job of educating our kids on issues of money, so I am trying to show my kids how to avoid some of the pitfalls that I jumped into.

It's incredibly rare that this comes up, literally free money is a great problem to have, and grats!

consider...tim ferris books, esp tools of titans...has a section about 'build your own education' where you purposely seek out opportunities investing similar $ and time as the mba program, yet tailored to your needsalso, check out the free resources in your town, like SCORE...retired business people giving advice, mentoring, etc and find someone who is doing what you would like to do and consider ways to learn from themenJOY the freedom of self education and build your own portfolio/degree!!

And honestly, that's a REALLY good first score. 

That was with 800+ credit, incredibly low debt/income ratios, high equity etc.It may have loosened up over the last 2-3 years, but I found condos to be incredibly difficult to finance.Lastly, since this is your first purchase, you should confirm that the HOA will allow you to rent out your condo. 

That's pretty incredible especially if it is in Colorado :) I do agree with your strategy.

As I am screening applicants, one of the applicants has low credit score (500+), no bankruptcies, no evictions but has late payments.a) Tenant is willing to put down 1.5 month security deposit (state allowed maximum) and 4 months of rent in advance.

Account ClosedI would recommend getting your credit score up, first.