The opportunity cost of not looking, not investing and not learning far outweigh what it would cost you to either get out of your lease early, or acquire a cash flowing asset that may have to sit with a unit vacant until you get out of your lease.

You should look at multifamily more than single family is my advice for columbus especially if you want cash flow. for 55k the benefits of buying a single family don't really outweigh buying a duplex for the same price. 

. $10K is not enough profit to outweigh the risk.

What happens to those people when the tax outweighs the profit?

Overall, weight all pro's and con's and decide which one outweighs the other.

@Travis Hole The risk and hassle factor will far outweigh the pro's.

Rent has increased over the years just because rent has increased in that area due to the demand for rentals outweighing the supply.

I could sustain that for a year or two where by then we'd be at zero cash flow and the tax benefits would far outweigh the rest.

In all likelihood, the costs do not outweigh the benefits.

Additionally, it would be in your best interest to compare loan models, FHA 203ks come with several strings attached generally including on-site inspection reviews for draws, certified (for FHA purposes) contractors, PMI, and significantc origination fee which added together very well may outweigh the value of their advertised interest rates.It's worth considering a conventional LOC.