Bylaws and rules can often be changed by the Board (depending on what the higher documents require), while the CC&Rs and Incorporation docs are intended to be more difficult to change and often require a vote with a super majority of all owners to change. 

Petersburg FL) with the "low income" I'm making (around $4,200 per month) at my job, it's proving difficult to find a multi family property that I can afford with month to month tenants or with 1 vacant unit.

Architects are a difficult bunch! 

That's the challenge but it's also the opportunity because it is difficult to analyze. 

It'll be tough to get into a pure investment in your area for 35k but here are a few options:- partner on the second deal- if the numbers make sense and you could get more cashflow then you could look at a higher price point but my guess is this will be difficult to find- Buy your first property as planned, and save the 35k as reserves and/or just keep it for the next down payment on another FHA after a year- find a place that needs some work where you can use that money to fix up and force appreciation to the propertyPersonally, I would look at those last 2 options where you have the cash on hand ready to deploy for the next down payment or rehab costs if needed.

I am almost 55 and still have kids waiting to go to college so saving will be a little more difficult.

They are willing to write difficult loans such as lower credit scores, 1.0 DSCR, foreign nationals, non permanent resident aliens, more than four unit properties, .

If you are living there I wouldn't worry about getting all that setup because it's difficult to separate everything out while you're still living there.

Even that was difficult to manage.

Again, I'm on the beach in FL, All the best PS you better be cash, or it will be even more difficult.