However, if I do this, all of my reserves will be depleted, meaning no funds for "what if costs".

Civic Source litature online is not accurate for community property state laws in New Orleans; they say I can confirm the tax title but no lawyer in New Orleans can deny the community property owners their right to the property!

You need money for repairs , improvements/ cap ex also for vacancy reserves .

I know a lot of investors who love this market and make money, but they have a massive hands on management team, and large contractor crew of employees, and its still difficult with massive capital reserves.

@Quintin Gulley Jr The closing costs of $3,000 look a little low for a $170k deal, recommend confirming with a title company. 

We enjoyed the process so we are thinking to start out flipping and then, once we have some cash reserves built up, start buying long term rentals.Our goal is to be full time and able to focus on our family in 10 years.

@Aubrey Hardman   I'm saving my cashflow for reserves and reinvesting.

The easy wayBanker (numbers are the eaisest thing to eval), ask for agent.Agent should be able to confirm/validate what your already thinking.

I then will adjust my reserves requirement.

I pulled these numbers from a combination of rentometer, rentcafe, and craigslist.Any of you currently working in these areas, can you confirm your areas rent is about right or correct me if I'm way off please.