There are fees associated with going to Real Estate school, obtaining your license, joining the board and MLS for your area, getting proper E&O insurance and so forth. 

@Mitchell Rosenberg  - I think the overall thinking is that most prefer areas that have a growing population with a growing/stable economy base that is diversified.

It’s time to look into home owners/rental insurance.

Just make sure to fully understand the loan terms, especially the interest rate and repayment schedule, so there are no surprises.2.Condition of the Property: If the property isn’t in really rough shape and you were able to get insurance on it using a 4-point inspection and wind mitigation, you might even qualify for traditional funding options like FHA, Conventinal, VA, a cash-out refinance or a home equity line of credit (HELOC).

Stability: Homeowners tend to stay in their homes longer than renters, which can create a more stable environment for families and children.

On top of that, depending on the severity of the structural issues, you will also likely run into problems getting insurance on the property or wind up needing to purchase very expensive insurance. 

The property was rented and generated $160 cash flow after mortgage, taxes, insurance and property management fees were paid.

On property number one, I would cash flow $750 a month after mortgage, taxes, and insurance if I also rent out the unit I live in.

I would focus on improving your credit and obtaining a more stable income so that conventional financing is an option. 

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).