They have come to me about buying the home but I have a collection account about to fall off my credit in a few months so I am not sure I would qualify (in addition to my income may not be high enough).Are there any workarounds to maybe purchasing the home?

Down the road you can afford a farm once you have strong income and have let your investments compound.

Look for undervalued properties, explore FHA loan options, and consider mid-term rentals to maximize income.

I am wondering if I can claim it as a repair(counting against rental income) or if it must be claimed as an asset (with depreciation benefits)?  

Smaller or less diversified areas, on the other hand, could struggle with the double hit of reduced tax income and rising costs. 

Listing them as an “Additional Insured” rather than just an “Additional Interest” will also safeguard both parties.For the LTR unit, your landlord policy should include property damage, at least $500K in liability, and loss of rental income.

Think About Future Value & Target Demographics•Check the average income levels in the area.

As there are Californians still moving here, the vast majority are instead picking the states with low or no state income tax like Texas, Florida, or Tennessee.Although we still have a positive influx of people moving here, more people have been leaving due to rising housing costs in recent years.To put it in perspective, we saw around +45k in the 2010's.Overall, CO is basically a balanced net migration in recent years which is likely to keep home prices steady....

First of all treating rental income as a hobby is a very bad idea. 

Everyone gets in expecting easy cash flow, appreciation, and passive income.