Make sure the condo has enough in reserves to not need a special assessment for items like new roof, siding, parking lot repair, pool house, etc.  

I think it depends on what type if investor you want to be. if you enjoy wholesaling I would continue to do that and build more reserves.

My credit score itself is excellent, and everything else, job history, income, reserves etc are A+, but because the history is so limited, the underwriters are unwilling to book my refinance loan at the moment.

Texas recently proposed 3 bills which will add many of the same regulations currently reserved for hotels to short term rentals.

You should have a linked savings account that you can use for reserve funds for things like capital improvements, unforeseen repairs, etc...put a little bit away each month and don't touch it for recurring expenses like taxes, insurance, etc...Not purchasing through your LLC?

Just confirmed with Brian ; they actually specialize in Commercial loans.;)

Then I would work out the financials for the following options:Wholesale it as isPartner with someone who has boots on the ground and manages the flipPartner with someone who has boots on the ground to rehab and then holdList the property with a Realtor and try to get retail valueIf you are planning to flip it, then I would pay the taxes/liens up front or at least contact the agencies and get (IN WRITING) confirmation that they will not force a sale for x amount of time (I'm not certain this would be possible and seems like too much headache).

At $47k the deal isn't a dog but I'd like to confirm that the land is indeed worth that before I come back with anything. 

I'm not sure you are considering factors such as, off the top of my head: 1) unlike the have-a-pulse-get-a-loan scenarios of yesterday, they are required to have proper debt-to-income ratios and meet reserve requirements so as long as they don't lose their job for an extended period, they've proven they can afford the payment; 2) even in a down market, they will have to live somewhere, so unless rents are much cheaper, which is unlikely, it makes more sense to not ruin their credit, keep paying and stay where they are, especially if they've improved the property at all; 3) these loans are much more likely to be 30-year-fixed, not the ARMs of yesterday that adjusted up to a surprisingly unreasonable payment (many didn't understand what they signed up for until, Wham, the payment doubled on them, so they had to walk); 4) they pay MIP, upfront and monthly, so there is some protection for the lender if they do default.Many of these people would be stuck paying much higher rents, building others' equity instead of building their own, without FHA loans.  

I would put this at 18,000 gross before PM, Vacancy, Capital reserve, and repair.