This would probably allow me to qualify for the FHA loan if this is true since the giant loss is throwing off my DTI. 

The borrower will need to be exceptionally qualified and have significant reserves (particularly for a jumbo or super jumbo loans of $1-2-5M++) Historically borrowers could qualify with 10-20% reserves of the amount financed, that could jump to 100%+ without significant state and federal intervention.

That does not require employment or job seasoning instead it uses the rents to qualify and you can take out up to 80% LTV cash.Use the cash to put down on the next 1-2 or more properties as long as the other properties are debt servicing themselves it opens up more opportuities to buy more future assets and increase your passice income.  

This is part of the impetus to get started now that plus likely qualifying for financing easier with my current income. 

Also, I am guessing that due to the state of the house, it would not qualify for a conventional loan?

Even trusting a brand new GC who's licensed/"qualified" is a risk from out of state, let alone out of country.

If you have your own business/self-employed you might qualify for a Solo 401(k) or multi-participant 401k whereby you can self-direct into real estate with those funds. 

Another possibility is a cash-out refinance on your dad’s house if it qualifies, which would tie the loan directly to that property.

As such, you qualified for a truly self-directed Solo 401k plan (as long as you don't have any employees working for you).

@Victor Yang To use the rental losses to offset any active income (W2), you'd have meet Real Estate Professional status (which would be difficult to do with a W2 job because you'd have to work more on real estate than any other job to qualify) OR have an AGI of $150K or less.