From the beginning it was cash flowing more than it is now but because insurance & HOA went up I started breaking even for almost a year.

It will still migrate, just into the ground instead of up through the floor.

I will follow up with your recommendation.  

If you want to brush up on PML, I suggest you check out my book Lend to Live: Earn Hassle-free, Passive Income in Real Estate with Private Money Lending available on the BiggerPockets book store.

You'll need a realtor for the lease up, you'll need a background check service, I would place a Blue I Box so only realtor can access with a rental prequalified tenant. 

This is 100% leveraging, which is high-risk, and it probably doesn't make sense because the loans will be more than the income.This property sounds like a good opportunity, but I recommend you find a way to save up for the down payment.

Whoever you end up working with, make sure they're very familiar with all County and City ordinances.

This allows you to put down less upfront, freeing up cash flow to improve the property.

Has anyone had luck putting up “we buy houses” lawn signs of their own?

My friend, every setback serves as a springboard for success.To put it briefly, learn what you can, develop a strong network, start small, secure funding, choose the ideal location, and roll with the punches.