I am can't afford FHA loan since PMI will be will around $350 and it will destroy my cash flow.

Every paycheck, put an amount you can afford into a separate bank account.  

Flipping has too many variables and I am sure you would end up becoming frustrated.  

Most kind of just get the coolest apartment or biggest, nicest house in the best area that they can afford, which is pretty similar in amount.Anyways, if 30% of that $1,500 per month starts going to equity in the property, that's $450 per month.  

In Pensacola the affordable small multi-family units aren't going to be in the best areas but if you can locate something close to the base, even if it's not the best area, you can find very affordable options.

While frustrated by the length of time for my order, I have no doubt that the quality will be every bit as good as has been proclaimed here on BP.  

Plus if it doesn't appreciate then you may as well have just payed rent.Can you afford to hold for a few years after the equity builds?

I wish I could afford a new one...

Here's something that may be of interest. http://happyplace.someecards.com/rent/heres-the-hourly-wage-youd-need-to-afford-a-2bedroom-rental-in-every-state/

if you applied with major bank it takes forever..I have 600k equity..great income..775 score..and wanted 200k heloc and it took 6weeks..large banks with mortgages and helocs can be very frustrating with time, and it will only get worse with different guidelines in the future..good lick