Most investors want up to 125k price range with an arv of up to $150ish...If you like, give me a call to discuss, and maybe we can set you up a search such to where you are notified immediately if properties come on the market and then if you find something we can go look at it for you...

You can also set up Keyword alerts" for phrases like tax liens. 

If you want to manage it yourself, get a merchant account set up so you can take credit cards and plan on spending the $800/yr on HomeAway or VRBO to be included in searches.

or is the 3.5% set in stone

Best advice is set a budget for 6 months and run the campaign for the time..

You may not need to complete all the repairs/rehab up front, but, but planned for within a set time frame. 

Sadly, it is FHA loan so stuck with it throughout the loan regardless of amount of equity in the property from my understanding (although they recently change the FHA rates so think I can get a slight adjustment)3.)

I do have a meeting set up with a different bank later this week, as after reading some on here I do not think the first bank I selected is necessarily the best fit for what I intend to do long term.  

The max LTV is 50% (chose between a fixed rate or adjustable) as long as it is free and clear.

From my experience ARMs typically adjust annually or semiannually so you get a fixed rate (often lower than 15 or 30 fixed) for that period of time.