Either way, I would be looking to have the rent at least cover the mortgage payments, allowing me to save up for my next buy and hold (of course after paying for taxes/insurance/ repairs etc.)

Does anyone have a mortgage company or broker they can recommend?

Where can I find data on owner financed deals?  Are there sites where owners of notes can post to find buyers for their notes?

You also need to account for the mortgage, insurance, taxes, CapEx, maintenance, vacancy, and if using a property manager, the property manager fees to make sure you have positive cashflow and at the amount you are seeking.

You must plan on living in the residence you purchase and not renting it out for the life of the NIFA mortgage loan.

But maybe some of the local mortgage brokers will chime in.

@Michael Singh I have a list of mortgage specialist I work with who primarily work with 203k and FHA loans.

The property is in a distressed situation and would definitely need a remodel to sell for retail value (we might have to move some walls around to make the property more desirable). the property is around 60 years old with 995 sq. and around 400 sq unpermited on top of that and there is a mortgage of around 255k on it.

Could I take the insurance money, pay off the mortgages, and run with the rest?

Even with a ~100k mortgage my DTI would be less than 35% while still renting.