Here it would be 25% down ($275k)A balance of $825k at 7% (or higher) $5,490/mo, figure $250/mo insurance, $500/mo property taxes $6,250/mo. 

Now if you didn't refinance rented that unit out before living in it for a year and changed your insurance policy to a commercial one, that could be problematic (just to give an example). 

So there's acquisition, rehab/repair, carry, insurance (vacant/contractor insurance, yes there's two types), and any other expenses (closing, etc).

Have you ever had a year where your insurance or proper tax’s went down?

You could explore renting out the garage as storage for someone, but then you need to look into insurance, liability, etc.

Insurance, bank accounts, credit cards, etc.You are probably making your life more complicated and expensive than it needs to be.

Financing provided through this program is only available for properties located in Michigan or Florida.Available Product Type: SOFR 7/6 ARM, SOFR 10/6 ARMLoan Amount: $766,550 MaximumLTV: Purchase and No Cash Out Refinance - Maximum 99%Prepayment Penalty: NoneLoan Assumption: NoneEligible Properties: 1-unit dwellings, attached and detached condominiums, PUDsEscrow: An escrow account must be established for property taxes, and flood insurance, if requiredUnderwritingNo Private Mortgage InsuranceOccupancy – Primary residencesMinimum Credit Score - 700DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors)Student Loans – If in deferment, no qualifying payment requiredDown payment of 1% must be borrower’s own funds, while closing costs and prepaids may be gift fundsAttached condominiums require a 10% down paymentEligible Borrowers – Protect and serve heroes are defined as employees of public or private education institutions, employees of medical and healthcare organizations, all first responders, and active or former military personnel.Servicing: Retained

Just wondering how you feel about the unique challenges NOLA has relative to economy & climate change (insurance), population decline.  

Friends, family, or you might be able to access funds via a HELOC, cash value from a life insurance policy, take a loan out on your car, etc. 

Tim, in lieu of a damage deposit, have you utilized A deposit insurance such as Rhino?