How much is owed on the 1st, how much is owed to the HOA, and how much is the home worth in it's current condition?

It may have an affect on whether or not they accept the offer but your numbers should strictly be based on the value of the property in its current condition and market.  

In the current condition, the property may be worth $50-$75K.

If this house were in perfect condition: with new flooring, paint, landscaping, appliances, fixtures, it would sell for between 400-420K. 

You can have multiple FHA backed loans, however you must always live up to the conditions of the loan. 

And that takes tactfulness (which I'm still working on) when communicating with your partner and mutual respect.Lastly, I'll leave you with one practical thing that works really well for me and my wife (In business and everyday life).

Retail from $4-8k in good condition. 

This home currently has an in-ground pool but I am not sure of the current condition or any potential repairs it might need. 

That reduces the total to 19000, which you can park in a Kasana account or other high interest account paying 1.75% if qualifying conditions are met.  

Throughout my life I've met people who flip homes and only make a few grand on a deal that took 6+ months.