That was 11 years ago and 1000+ units ago.long story short:  $120k is enough to get started. 

Where is a good place to start looking for multifamily short sales?

long story short ( I hope) I was offered a deal today and don't know what to think or do...the home is in a bad bad neighborhood the guy offered me the home kinda for free!

We had to decline due to my husband’s medical status, the short notice and the cost of the move (no concessions were offered).

Actually, getting a new mortgage usually causes a short term drop in your credit score, then an increase in your credit score in the long run. 

Am I crazy to think I can get a FHA 203(k) loan or any other conventional loan for that matter with such a short employment history? 

@David Hammill Through a short sale.

I worry that it will be hard to find good tenants because most families that need that much space either 1) already own a house, 2) can't afford such a large apartment or 3) can afford an apartment that large short term, but long term will end up inviting their extended family, etc. to live with them because they have so much space and can't make rent on their own.The only good potential type of tenant I can think of is a middle-class family that needs non-permanent housing -- e.g., professionals who are in the area for a year for work and want a large space to rent for that period.

So, if you live in a house for 6 months, fix it up, and sell it- it's my understanding that we will have to pay the short-term capital gain tax.

@Chris Mason Good short and concise answer.