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.

They use your experience, credit score, reserves and the rental income must cover the PITI.

Investment properties take a lot of capital and even that amazing "cash flow" that everyone talks about should really be put in reserves for vacancy and repairs anyway.Learn from your current experience with your first home. 

You also are required to put 25%-30% down and larger reserves are required and the building itself can cause issues if it has vacancy ratios.

Factors on reserves; What's your monthly cashflow / how much do you need to live?

This is further confirmation of that, because MM never even adjusted my rates in the first place and now it's impossible to turn off.

However, if you don’t have reserves and are tight on cash flow, it’s likely best to just sell and get into something that better suits your investment style.

The HOA won't even acknowledge that our 2005 Rules & Regs ever existed, won't provide us with updated Rules & Regs or even confirm whether a new version exists. 

I suggest reading this BP article on the core 4.https://www.biggerpockets.com/blog/core-four-real-estate-teamIt's risky to start out with a BRRRR, especially if you don't have capital for reserves. 

You can go to the City to confirm but I'd assume the  architect is correct with the timeline and potential costs. 70k for windows and doors sounds like more than enough.