So before you get ready to attempt to rip your Landlord a new one, first go take it up with the local taxing authority, then go have it out with the insurance industry, then gripe to the neighborhood HOA (if applicable), then maybe settle your disputes with Home Depot/Lowes and any and all trade contractors.

low purchase price + big rehab needed + high rent to price ratio = challenging area i would assume...

This is In a state with no income tax, low maintenance homes, and a low federal tax bill due to depreciation. 

In Chicago, that is now becoming more of a standard to a low down payment program.

(along with low expenses). 

. $150 a month for insurance (this might be low?).

Your doing all the hard work and they do the rest..it's been a year since I started and I was informed today that I will most likely not be seeing any kind of payment because I have a low amount of files turned in.

Flipping is a business that you need to know what you are doing - otherwise the chances of success are low. 

Many people were making money hand over fist from low interest rates, strong stock prices, hugely appreciating real estate (both LP, GP and housing prices).  

You could sneak into Morris Co maybe, but it would small and low on rents in towns like Dover or Netcong. 500k in Hudson, Bergen, and Essex Counties are rehab specific in most cases or hiding something.