Minus mortgage (30 years fix around 5%), taxes, insurance, property management company, maintenance, and repairs, you will end up with a few hundred dollars positive cash flow while building an equity. 

Might even be higher with expensive insurance or outside factors. 

Do what you can to do things to code, and then get good insurance. 

Also, what is the general cost of flood insurance for multi family properties?

I GC´d the repair and reno of our burnt out husk, and the insurance saw fit to put $130,000 into our house.So we get moved back in, lifes good.

So the owners either didn't have insurance or never paid off the mortgage after receiving the insurance money, I'm guessing the latter. 

The taxes are $78/monthly and the insurance is $42/monthly.

Get data on insurance claims, flooding, etc.My personal view is that leadership within a city/municipality needs to have more of a 'we all rise together' kind of mentality. 

How much insurance coverage do you have and does your policy even cover a dog large enough to jump a six foot fence?

After I find “tenant/buyer” for “seller/me” for the “home owner”, I want to leave the deal because of no equity, or I just don’t want to stay in the deal.