An option for short-term investments would be to become a private lender (some risk involved) or invest in crowdfunding.As a second option, you could consider doing a joint venture with another investor in order to get started sooner.

I wanted to take advantage of the tax loophole that allows a homeowner to sell his/her primary residence after living in it for two years and not pay taxes on the profits up to $250,000 for a single taxpayer and $500,000 for joint taxpayers.I am glad I joined the BiggerPockets community and I look forward to expanding my network and real estate knowledge.

If you didn't jointly buy the ticket, all the winnings go to you.

Many lenders seem to ignore that stipulation, but if you're young and this is your first property you've ever owned, you may run into problems.You are allowed to do joint loans with anyone (a partner?)

If you want to be efficient with time and not have a bunch of showings to people you do not wish to rent to, I'd have suggested scheduling a joint open house for all 5 of them to come view it.

(Following the "right steps" to qualify for TWO FHA Loans at the same time should NOT be necessary, unless your circumstances GENUINELY fall into an allowed category, right?)

Or, perhaps you could joint venture with a rehabber and get involved with the high-level decisions and budgets, etc., while they do all the heavy lifting.   

The visible cracks through the parging coat are where the block mortar joints have cracked, that is an indication that water is present at the foundation (Which you knew).

Even if there is no transaction or exchange of value in a joint venture such as proposed, there could be the indirect benefit of the access to $90K of personal capital enabling the $10K of 401k capital to have a deal to participate in.If an IRA (or disqualified party) can engage in a transaction on its own, then choosing to joint venture in such a format would likely be OK.If either party could not under reasonable circumstances engage in the transaction on a stand alone basis, then there could be issues of benefit.So, say you have $100K in a 401k and $100K liquid personally, and want to invest in a $150K property.  

I genuinely appreciate it.