Purchase price: $129,000 Cash invested: $5,000Condo we lived in and fixed up.

You said that you are applying for an FHA loan so it sounds as though you'd be living in one unit. 

In a lot of places, evictions are quick enough it shouldn't be an issue but I do tend to live by the motto "never underestimate how much damage a pissed off tenant can cause in just a few hours."

@Andrew Katz, if you will be living in your next house hack, you should investigate a conventional loan instead of hard money.

Is the basement legally considered living space?

You can live in one unit and rent out the other three.

Hopefully you already worked this out.Aside from HML, there's also an option to do a live-in-flip, where you live in the house for a year and renovate it slowly.

I know becoming a part time agent is one way, but where we live in south Florida seems to be overfilled with agents and I don't think its a great fit for us right now. 

If you are willing to live in urban areas you may want to talk to a local bank in your market and see if they have any incentives or grant loans for certain areas.  

For scaling your portfolio, consider house hacking another multi-family property to minimize living expenses while building equity.