2) If your property manager has the green light for smaller repairs, when/how do you expect to be notified?

Here is a article on what you can do for a low appraisal:https://www.realtor.com/advice/buy/4-ways-to-deal-if-your-appraisal-comes-in-low/If you think the property will still be there in the next few weeks, I'd resubmit the exact same offer.

Assuming you agree with that statement, then you would be buying at the top of the market, which would be exactly the opposite of the saying, "Buy low, sell high", but you have the convenience of potentially waiting out the coming correction and earning some good money on your property while having your tenants pay down your mortgage for you.  

While there are some deals to be found, tread very lightly and be especially careful working your comps.

As such I'd like to find someone knowledgeable that has experience either wholesaling or renting out properties with Section 8 or in low income areas.

Also you can buy the long lasting carpet and put it in the low traffic areas (I.e.

Yes, I always install it if it is missing or broken even though my property is in the low end range property.

I plan and hope to get a low down payment amount with a first time buyer FHA loan.

And all other low down payment options are off the table.

I would perhaps consider doing only one half and then living in the other and renovating as I go and do that out of pocket. thanks for the info about what rate you got, that solidifies my belief of getting a low 4% rate.