I'd like to get a second job or find employment on the beach where the money is better, but with no car of my own, I'm stuck.

My other option is to keep my full time job and build my portfolio on the side until I can replace my employment income.

@Charles Worth Yes, I think the size of the apartments in NYC is a lot similar to greater cities in Europe.

Relocation -A borrower may be eligible to obtain another FHA-insured mortgage without being required to sell an existing property covered by an FHA-insured mortgage if the borrower is:Relocating or has relocated for an employment related reason, andEstablishing or has established a new principal residence in an area more like than 100 miles from the borrower’s current primary residence.If the borrower moves back to the original area, the borrower is not required to live in the original house and may obtain a new FHA-insured mortgage on a new principal residence.

Determine which size homes are most profitable to flip, then buy the ugliest home in the neighborhood that will still qualify for FHA financing.

That is trying to squeeze a round peg into a square hole ... the OP or anyone else who wants to employ the buy and hold for cash flow strategy should move to a market other than LA that is more suited to that strategy (and there are plenty of them, but not LA today).

So you want to set up an employee/ employer relationship .

Adding a walk in closet to to lower bedroom that will most likely be a guest bedroom or a child's room, wont do anything for the salability or marketablity of the property.With a home of this size you want to sell life style and comfort more than anything else.

I'm also still employed as a firefighter but am slowly replacing that income through real estate.

However, even the legal immigrants have a difficult time with the DTI requirements, because so much of what they do is in cash and so many are self-employed.