I could see lots of folks with limited equity and no flood insurance on their house walking away from the mortgage before spending the tens of thousands of dollars to fix flood damage.

I have recently shifted my focus to reaching out to real estate agents and mortgage lenders in Anchorage to begin building my network and to become more familiar with the local rental market.

I don't BRRRR per se but Most of my SFR rentals have been REOs.The challenge with REOs is that most would not qualify for a mortgage or may need a FHA 203k loan.

You can google what is typically required for a commercial mortgage. 

Investopedia is on the right track saying that the rule is supposed to ensure it covers your mortgage, but it's much more than just the mortgage, it's the insurance, taxes, maintenance, etc costs that are in addition to your mortgage.

I can't qualify for the mortgage. 

you would be changing mortgage payments from roughly $955 to $1432, another $477. with taxes and other expenses, could a buyer make enough money renting it to be worth buying the property for the extra 100K

The tenant has not signed a lease with me.my mortgage list this property as my primary residence. question: if I offer a month to month term and the tenant agrees, would this supersede the prior agreement with the previous owner?

I have about ~40K equity in the rental and owe about $157K on the loan, but the monthly rental income only covers the mortgage payment + insurance + taxes + an additional $75 a month, which I put aside for repairs and anything that may come up.  

Elliot Lamson I love the book Owner Will Carry: How to Take Back a Mortgage Without Being Taken by Bill Broadbent I started reading this book when I was 19 and it got me stared in the note business...and it’s great for rent to own just for structuring a sound contract and if you need a bit more of capital you can sell to note buyers