However, if I have a low salary and this building is a little older but has good upkeep, the rent is fair and my landlord is decent.

Durable, low maintenance interior finishes.

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.

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.

Steve is right, you need to tread lightly.

(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.

I think expenses may be a bit light, especially 10k for initial improvements.