If you go about an hour West, the housing gets a lot more affordable. 

I’m a CPA with experience in tax preparation for real estate investment partnerships and am currently a property controller for a commercial real estate property management company specializing in the health care industry.

If you can afford it, invest in your sales training and education.  

  - Risk to buyer: HOA balance is high and seller can not afford it (planing to rent the property in order to pay - transaction canceled. seller loose construction money- Risk to buyer: if finance and loan can't close or property didn't get appraised. - Risk to seller: contractor injure & will sue owner on record- Risk to seller: Contractor cause an error with plumbing or electric - can be costly to  seller since until the deed not signed - property still belong to seller and buyer can just loose escrow. 

Edward, if your desire is to hold onto the land (or a vacant property) & you can afford to do that without receiving cashflow, then it might be a good investment.  

True wealth is the combination of health, happiness, $, love, etc. 

If it helps, I've been in my current job 3 1/2 years (and hate it), earn about 43k per year, I pay $900 monthly rent now and don't think I can afford to pay more than that without other source of income, also loan would be only myself and my credit is in the 690's.My priority now is quitting my 9-5 job, but this end of lease is making me question what is the right next step for me.Any advise, comments and guidance is greatly appreciated!!

If you do and have the capital to do afford it I do not see why you shouldn't start with fix and flips.

However, all calculators seem to indicate that with my income of 85k, home mortgage of 1200 and car payment of 418 mean I can only afford 150k for a property. 

The plan is to buy the Cash-only REO using our LLC, fix the health and safety issues in this home (which will then make it financeable), and then purchase the house with my approved 150k residential loan.