My other option is to keep my full time job and build my portfolio on the side until I can replace my employment income.

I am interested in trying to possibly start out with wholesaling and flipping to generate some cash, and then reinvest into some buy-and-hold properties down the road.I have no experience other than when I bought my own home, and at this point would be looking for any type of real world experience I can get my hands on. 

Relocation -A borrower may be eligible to obtain another FHA-insured mortgage without being required to sell an existing property covered by an FHA-insured mortgage if the borrower is:Relocating or has relocated for an employment related reason, andEstablishing or has established a new principal residence in an area more like than 100 miles from the borrower’s current primary residence.If the borrower moves back to the original area, the borrower is not required to live in the original house and may obtain a new FHA-insured mortgage on a new principal residence.

That is trying to squeeze a round peg into a square hole ... the OP or anyone else who wants to employ the buy and hold for cash flow strategy should move to a market other than LA that is more suited to that strategy (and there are plenty of them, but not LA today).

I provided a study that included a guy who doubled the price of generators and went to jail after a hurricane.

A popular way here in Santa Barbara to generate higher returns on residential income property is to rent to College students, think UCSB or Santa Barbara City College.

Additionally, many cities may require an inspection by the city inspector who would require code upgrades which cannot be done before closingYou might be able to find an inspector than can use a generator and do a pressure text on the plumbing

Then it's the final cost of the project and the income it generates.

                                   "Flip to Hold, is the way to Gold".Start by flipping to generate lump sums to buy "Hold" properties.  

So you want to set up an employee/ employer relationship .