Am I crazy to think I can get a FHA 203(k) loan or any other conventional loan for that matter with such a short employment history? 

@David Hammill Through a short sale.

I worry that it will be hard to find good tenants because most families that need that much space either 1) already own a house, 2) can't afford such a large apartment or 3) can afford an apartment that large short term, but long term will end up inviting their extended family, etc. to live with them because they have so much space and can't make rent on their own.The only good potential type of tenant I can think of is a middle-class family that needs non-permanent housing -- e.g., professionals who are in the area for a year for work and want a large space to rent for that period.

So, if you live in a house for 6 months, fix it up, and sell it- it's my understanding that we will have to pay the short-term capital gain tax.

@Chris Mason Good short and concise answer.

I'm still blackballed for another year or so due to a divorce-required short sale so need a lender to look past that and still want to lend. 

I am 46 and have a short timeline to get to success.

Did this happen shortly (within a month or 3) after the work was done?

You can slow down or stop investing, which isn't a bad strategy in the short term if you don't see deals that make sense for you.

Got an app for an apartment today that didn't make enough, but here's the deal. rent is $1650, x36 (1/3 income for rent) is $59,400 required income. He just started a Federal job at GS-7: $47,374, and will make GS-9, ...