FHA & VA allow for a "Change in circumstance" for example you are moving, changing jobs requiring new location, new school, enlisted military, divorce, other life circumstance outside of your control.As far a penalty due to no intention as using from the start of the application.

Also, most of the stuff your list is low cost which is great, but once you start getting the deals and paying yourself back on the direct mail, double and triple those actions too (of course when you to a place financially that you can do that effectively).  

Too many investors make the mistake of trying to treat it like a short-term rental, which is a great way to get yourself into a bind.You can keep more than one security deposit in the same bank account, but it should be held separate from any of your own money.You need two accounts: checking and savings.

Do I hang tight and pay out of savings, hoping it's worth it in the long run? 

We have some high-yield savings accounts at an online bank, as well accounts at our local bank where the interest rates are pathetic.

Set up and site prep, open permits2.) demo and clean up (also electrical and plumbing demo)3.) rough carpentry, windows4.) rough plumbing, electrical5.) city inspection6.) insulation (and inspection, at least here in Wisconsin)7.) drywall, texture, primer, paint8.) cabinets and flooring9.) doors and millwork10.) flooring11.) finish electical12.) finish plumbing13.) appliances14.) punch list15.) final clean upYou can alwys tell a bad crew when they are drywalling in one room and then start demo in another.

That is a huge savings for home providers and allows for lower sales prices.  

You could start your search by reaching out to lenders, brokers or other investors you meet at REI meetups.

This way, you're not locked into a long-term commitment and can start looking for a new tenant.

I would be careful attempting the BRRRR method out of state to start.