Based on your current FHA situation, I don't think these will help (they would also have to be a primary residence) but here are 2 programs that could allow 0% down payment:There are VA loans if you are associated with the military: https://www.valoans.com/Or USDA Loans if there is a qualified rural area nearby:https://www.usdaloans.com/program/eligibility/Or if you can find an owner with some equity built up then maybe you could work out a seller financing deal.

Will be an owner occupied in California just have to work out when you are heading to California.

My experience--they don't work out very often--not sure why, it just works that way.

It also depends on how much work you plan to do yourself but your comment on wanting it to be passive leads me to conclude you plan to hire the work out. 

It’s a cash intensive operation but it’s FAST (1 – 2 years) that could be managed mostly via e-mail and phone calls and conservatively return 15%.

I hope you are able to make it work out.

Most often loans can be as low at 3.5% down if you are  owner occupied, but again as long as your numbers work out with that sort of down payment and maybe even refinancing once you are renovated and rented out (multi family wise) then you could potentially convert it into a conventional loan.

On the other hand it could work out fine.

New construction vant work out well if you hold long term if you are paying retail to build it.

Gonna research a lot more about doing something here locally and see if numbers can work out in my favor.