Could be a sub2 deal but I’m not so familiar with the process and curious of the best way to finance the rehab.Can someone lend some advice? 

I have a salitle  office over on that side of town and the city is getting ready to dump alot of money into the area of town.The Decade before it A maybe  in real time is over five under 8.There so much development that is getting ready to take place in that area that is taking place.

So I can keep my financing on this as a rental and get another loan with the rest of my entitlement??

So...am I shooting myself in the foot if I buy an investment property now (out of state) to begin my real estate career, and lose out on the ability to use an FHA in LA down the road?

So your list is crucial.

call lenders, talk to agents, talk to property managers. 

The lowest barrier to entry I've seen for house hacking would be to find areas with grant loans, there are several here in central OH, they are general "majority minority" areas, but many local banks are incentivized to do loans in these areas, so you can often get into a 2-4 unit with no money down, and 15K towards closing costs and rate by down. 

@Raymond Keith Whittington, a little investment strategy called house hacking. 

So 10 mil = 100k.

Labor costs are high in NYS so controlling your variable expenses is key.