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.

Make sure you ask them good questions, make sure they carry insurance and that they are available year round. 

Good points.I'd add square, level, plumb - license, insurance, bond - using permits to follow codepointing out problems the owner doesn't realize they have that are serious. 

What kind of insurance do you use? 

With insurance rates going up, best to find areas with the lowest operating cost.

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

Even at that price point, you may struggle to find a tenant, potentially leaving the property vacant for months.Here’s an example of a deal I’m currently working on:Purchase Price: $215,000Rehab Costs: ~$250,000ARV: ~$615,000Potential Rent: $3,600/monthUsing a $615,000 ARV and 75% LTV on the cash out refinance, with taxes and insurance, my monthly payment would be $4,267 using an 8.5% rate.

Great Lakes Credit Union HSBC 70%, for premier clients only Huntington 75% LTV Hurst Lending and Insurance Investment property HELOC in Texas.

Quote from @Cody Caswell: Quote from @Jay Hurst: Quote from @Cody Caswell: Is it true you can use taxes, depreciation, insurance, and mortgage interest for qualifying income when applying for an FHA loan on a primary residence? 

I think your biggest issue with any "work-arounds" is going to be your legal liability and holding the proper insurance in case something goes wrong, which I'm going to assume you'd need to be properly licensed in order to be properly covered by insurance.