The flood insurance is offset by $600 yearly taxes, but I am having a hell of a time trying to sell it at $93k.

We started the journey last year Sept 2023.The deal closed mid November, after a 2 months journey to find the perfect property (price/Cash Flow/appreciate) and closed on it.Made her aware the holidays isn't the time for renters to move, however, once W2 taxes were issued in January 2024 she would get a tenant.She is officially a landlord!

Make sure to research property taxes, insurance, and any outstanding utility bills. 

I want to do an FHA loan, except for the fact that I don't have the few year span of tax documents needed to get a bank loan.

Make sure the rental income comfortably covers your mortgage, taxes, and other expenses.

. $2,500-$2,700 in rent but have a $1,900 mortgage (including current property taxes) plus $100 for insurance, plus a 10% chance of no one renting and another 10% set aside for repairs.After all that I'm in a range of breaking even or making $200 a month with this as a rental.

We also do not really want to go down the whole personal guarantee, W2, tax return, credit score route... or is this something we will have no choice with without hard money in this climate?

As a hypothetical: if your total mortgage, interest, taxes ends up being $4.5k per month and you can have each person paying $1,200 then your personal portion is $2,100.

Fifth, elements outside your planning or control can increase expenses significantly; tax increases due to budgetary shortfalls, insurance costs doubling due to natural disasters, tenant damage beyond what the security deposit will cover.  

Therefore, there is no real tax benefit to having an LLC.You may also want to have a discussion with your attorney on the real level of protection you would receive from this strategy in your state.