House hack is the only option but even that might not be feasible.

Is this even feasible for me to do? 

The way I interpret the following policy clause is that so long as the property is defined as other than "VACANT" which is the case when the property is being "constructed, altered or repaired", the 30-day time period and vacant status does not apply in this instance: We do not insure any loss at your premises if your dwelling has been vacant for more than 30 consecutive days immediately before the loss and the declaration page indicates an occupancy other than “VACANT“.

It's a small place so I'd guess it won't rent for enough to cover your expenses anyway so I'd probably sell, especially if the loss is small, it unless it's in a great neighborhood that you think will do well over time. 

@John Zhang If your wife qualifies for Real Estate Professional Status (REPS) and materially participates in managing rental properties, there is no limit on the amount of rental losses, including depreciation, that can offset your W-2 income.

i wish i had better news for you but it's probably not feasible in the short term to replace your W2 income with rental income. 

@Xavier Perera If it’s financially feasible I suggest starting by house hacking a 4-plex.

My Name is Miles, currently living in Arlington (DFW Area), I've always had intentions of at some point getting into real estate, now at 40, and finally at a place financially that it is feasible, I'm planning on spending the next 6-8 months learning all I can (and then rest of my life continuing learning lol) before taking the FIRST plunge.

Set aside a big pile of cash or rely on a line of credit you won't be using.The oversimplified insurance concept is to pay a small premium to cover a large loss.

If an in-person visit is not feasible, we can easily arrange video tours to accommodate your schedule.