Based on my calculations, even with a low down payment, I can achieve positive cash flow (with aggressive enough house hacking).

When a developer can't obtain subsidies for their affordable housing projects, do they just wait until the next round of subsidies availability? 

I'd second house hacking.

Purchase price: $220,000 Cash invested: $30,000Currently house hacking.

There is a house (2b x 1b) in the family I was interested in becoming the owner of.

Ugh.In all seriousness, I think for $50,000 with a 1200 square foot house in Michigan should be able to modest rehab.

Thanks in advanceDown payment: ~90k (25% downpayment)Rent per month: 2300 (5Bed, 4 Bath) with 2100sqftProperty management: ~150 (monthly)Outstanding loan around : ~268k (7.675% APR) 30years fixedLandlord Insurance: 1500$ (per year)HOA: 1600$ (per year)Keeping an eye on interest rates for refinance, so I can then move this property to an LLC instead.

I am currently purchasing a home that will work great as a Rent By the Room. 8 bed and 6 baths in the DFW area.

Esprit: One of my units is a furnished 2 bed 1 bath apartment for $800 a month.

We use a construction loan to build a 4bed 4 bath cabin.