Live In Flip? Buy and hold? Condo in Van Nuys or Inglewood

[George Torres]

Sorry for my constant onslaught of questions on here!

Here's my situation:

-I'm currently spending $1700 in rent on a stupid luxury I can't afford (living alone in Hollywood)

-All along I've been asking questions about buying an investment property while ignoring the fact that I don't have a home of my own yet and I'm bleeding money I'll never get back by renting

-So first thing's first, I need to buy a home. It must be no farther south than Inglewood, no farther North than Van Nuys, and No farther East than E. LA

-QUESTION: My budget is 200k. So where should I look for the best possibility of appreciation and cash flow (I want a 2bed 2 bath, so I can rent out the room and hopefully live for free)? Obviously don't want to live in the ghetto but I also can't be too far from my job in Culver City. I think the only thing I can afford given my situation is a condo, but If I'm living for free who cares about HOA, right? Especially since I'm paying 1700 now in rent (Just thinking on paper here).

-What's the best way to find a deal in the area? I don't mind a fixer upper especially if it means I can force appreciation. Maybe I can do a live in flip? Should I be looking for a wholesaler in the area?

-Do you think I might be better off getting a more expensive property in WeHO, assuming I can live for free by renting out the other rooms, and get an FHA loan so I can afford the downpayment?

Thanks for the help guys!!!