A few updates that didn't fit into the above post:The attorney who handled our closing offered to assist the sellers pro-bono in an effort to recover some of the equity.

Set a deadline for your first purchase and mitigate fears by screening tenants, buying for cash flow, and having a repair fund.

Our mortgage was significantly higher than our flood insurance, and I don't know if we qualify to try to apply for FEMA or if there is other assistance, and if so, if we would apply as a business (we file it on our personal taxes as rental income).

We market the property as available now, meaning that it doesn't have to be repaired and/or it is vacant.

For a beginner, it will be wise to start with a property that requires less hands-on management, like a turnkey property or one needing only minor repairs.

If the entire home is rented out then there can be some incentives to fix things like some big repairs such as roof, windows etc.

The property cash flows at a 15% ROI…………………..before insurance, debt service, utilities, management, vacancies, repairs, maintenance, payroll and property taxes7.

@Luis Herna if you need any assistance with funding for the emd let me know!

I'm looking to connect with Huntsville locals who can assist or point me in the right direction. go to the local FB groups I bet there everywhere 

I know, you have “repairs”already.