If you are struggling to make the numbers work, then it is likely not a deal to pursue.Our biggest challenge in the New Orleans area is the cost of insurance.

The home was very run down and a person was living rent free in it.

@Julie J.My recommendation would be to wait until you can afford a home with traditional financing.

Since you plan to keep it the ARV doesn't matter in this calculation.

How often do tenants on month to month need to resign lease?

How about a lease w/option to purchase structure or a straight owner financed sell to you?  

I'm under LOI to acquire my first LIHTC property (107 units in semi-rural south Chicago suburb) and am moving fast and furious to get up to speed on all things LIHTC.  

Quote from @Blaise Peterson: Quote from @Adam Bartomeo: Play "Cash Flow" with her.

He self-manages, is his own handyman and had to pull out the little equity he gained to pay for roofs and HVAC. 

I typically use regional banks to fund my deals but my 2 go-to banks have either slowed or fully stopped investment loans so recently I've connected with several online brokers but all came from ads or they reached out to me vs personal recommendations and intros so I have concerns.