Hi Lina from Texas-Congratulations on your interest in investing in mid-term rentals and you are wondering how and where to get started.I get this question frequently from investors.Sometimes and investor is looking to keep their property cashflow positive as insurance and taxes have squeezed cashflow by turning units into mid-term or short-term rentals.First off, ideally, the property will cashflow as a long-term rental should something disrupt the mid-term rental model.You will also want to have the property be near where there would be a demand for mid-term rentals (hospitals, universities, research centers).Monthly rents for mid-term rentals are about 20% (+/-) higher than unfurnished similar long-term rentals.There are property managers that will manage mid-term rentals for you and I always advise my clients to use property managers to keep their investment as passive as possible and for compliance issues related to Fair Housing Laws and local regulations.To Your Success!

Instead of evicting them, i was thinking is there some way that I could rent it back to him for very cheap (mainly to cover just the taxes/ insurance) ie 2k a year rather than the going rate of 2k a month for similar properties.

Calculating these losses involves documenting the fair market value of the property before and after the disaster, adjusted for any insurance or other reimbursements.

To make a new property cash flow with current prices, interest rates, taxes, and insurance, you're putting at least 40-50% down.

If it's in a high tax /flood area taxes and insurance could easily be 5-6k or half that then with title insurance points and closing it could make senseWhat is the breakdown ?

You might try corporate housing by owner, or try getting in contact with some insurance companies for replacement housing, or traveling work-crews, etc. 

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. 

Make an insurance claim and buy all new stuff.

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