Right now the market isn’t that great but I could see us looking to purchase a multifamily duplex however, in the current market, I’m finding it difficult to be able to have one tenant cover the cost for that property to break even.

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Check out the BP's Real Estate Events & Happenings area as there's an event this week which will be covering the topic in Tampa, for Tampa region.

Rail roads he has got that covered. 

They find housing on own that can be covered by insurance if home uninhabitable and it is due to covered loss. 

Would your rental income cover all of that, and if not would you have reserves on hand to handle that?

With $19K invested and a $71K purchase price, your cash-on-cash return should be strong if the rental income covers expenses and leaves room for profit.

For further learning, here are some solid bookkeeping books that can enhance your knowledge:"The Book on Managing Rental Properties" by Brandon Turner – This book covers not just the property management aspect but also has sections on bookkeeping and managing finances."

If the appraisal deems it to be "Subject to" you will have to use a renovation loan/construction loan to repair and close. 

They might not even cover it if they know it is a rental.