You will be out inspection and appraisal costs, but will get your earnest deposit back.  

I highly recommend that you utilize a low down payment loan (preferrably 5% down since it has less closing costs, you can get out of mortgage insurance once you hit 20%, and you save your FHA for another purchase) and move into a 3-4 unit property.

My real estate CPA has done several cost segregation studies for me and my clients.  

A good PM will keep you out of trouble and typically make you more money than they will cost you.

I have a tractor and have successfully fed wildlife before doing this.However, there is not a lot of margin to make a profit as I see bare land selling actively in MLS listings for $2-4k more than what it will cost me to buy the tax sale and do a quiet title search (likely $3k apiece). 

@Bob Asad investors in high-cost areas do this all the time, but I wouldn't.They are betting on both value & rent appreciation, but it is speculation.

I didn't know the 70% (and then subtract out repair costs) rule.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

I would like to find out what are some good websites with calculators you use to calculate rebuild cost, so I have a better idea which replacement value is reasonable.

You can definitely reach 5% - it'll just cost you north of 10 points.