Is there alternative criteria I should be going by since I"m planning on living in it for a year and using FHA.

Westland is the new affordable alternative to Koreatown, it’ll take a bit, but rents are already on the rise.

Alternatively I debated renting it out and then doing a 1031, or using my Solo 401K, but ultimately it was in a great area to live, so I talked the wifey into living there.Thanks @Armin Nazarinia -- The old owners bought sometime in the early 2000's, it was vacant when I purchased it.  

Alternatively, you can learn how to do everything yourself so that you can address issues as they come up.On your existing problem: you may be able to provide some temporary relief for lighting and small outlet issues with a heavy-duty industrial/outdoor rated extension cord routed to a working receptacle on a circuit that's not already loaded down.

I am currently looking for other electronic alternatives to cash or money order for ease of doing business though.

It can be costly, but at this point, it seems the alternative is to just let them live there rent free and just cost you more money.

You just have to find alternative ways to get deals such as owner financing or lease with option to purchase.

There will propabaly be investor qualifications (accredited or sophisticated) but it’s a great alternative that allows folks who want to get out of a participation (hands on) ownership role and 1031 up into a more risk averse large MF building while being hands off.The sponsor will take fees of course like a normal syndication (most likely) and the returns may be slightly less, but you should still share the appreciation rights and ultimately just continue to 1031 up and up.Happy to answer questions.  

Think about it like this-if it was a good deal and met all the rules of thumb at 3.5% down there’s no way an investor wouldn’t snap it up and make a killing with a conventional investor loan or alternative financing. 

"Safer" markets can be found further north.