Since it’s a new build, I was able to negotiate some great perks, like a 5.875% interest rate, no closing costs, a fridge, blinds, and even a backyard firepit.Pros:Good school districtLow interest rateMinimal CapEx and repairs (because it’s a new build)Low insuranceHigh-quality tenants (due to the school district and being a new build)Cons:Lots of new builds in the area, which could drive down prices and increase vacanciesThe Numbers:Price: $290KInterest Rate: 5.875%Down Payment: 25%Monthly Mortgage + Insurance + Taxes + HOA: $1,480 (I got really low insurance since it’s a new build and Alabama’s property taxes are low)Property Management: 10%Rent: $1,800 (this is under market because I wanted to rent it quickly—most units in the area were sitting vacant for 100+ days.

There is an offer to buy but if I include everything I've spent over the years, mortgage P&I, taxes, insurance, HOA, and recent repairs, I will just break even.

We are about to put in $15-$20k of our own money into it, beyond what insurance covered and I need help deciding how we should finance it. 

Yes, you can deduct related expenses including gas, loan interest, insurance, etc. using the actual vehicle expenses method to deduct auto expenses for your rental or other businesses. 

Quote from @Peter Walther: I think you'll find most, if not all title insurers, will require the DIL to be dated and executed subsequent to default in order to insure. 

Using your ratio that leave 13.38% for pm, insurance, maintenance/cap ex.  

Prices are through the roof, Insurance cost have skyrocketed, maintenance cost are up a lot, taxes.

We will be paying nearly $50,000/year in property insurance.

Affordability is no more that $4500 per month  morthage/taxes insurance. 

Taylor sent multiple email inquiries to our insurance provider asking what risks their policy covered.