I have no debt and am currently able to save at least 3,000 per month with my current job as a Firefighter in Los Angeles.

I would suggest looking into a low down loan, preferably conventional over FHA.

Assuming your $550k W-2 job is full time, that means you need to work 2081 hours (at least 50% of your time) in your rental business. 

Finding a discounted property is almost like taking on a full time job.

Perhaps their hours got cut or they lost their job.

It has only been on the market for 20 days.I contacted my mortgage company and completed an application for a forbearance to give me time to sell it and/or find a job and catch up on the payments. 

Layoffs have started for full time jobs and people want to save money instead of going on vacation, other people can't afford it because they have run up their credit cards because their salaries hasn't matched the rise of inflation for basic goods.

If you are trying to replace a W-2 job and be a full-time landlord, then cash flow would be more important.

I like that you're being conservative about rent growth and appreciation (In Florida, I'd maybe even go below 3% on price growth), and counting on expense growth -- good job! 

I would suggest asking a realtor in the area to look at before at after repair values.