Take into account RE taxes, Mortgage interest, charitable donations, large medical expenses, ect...compare it against 2017's total.If you took a look against the rental but used the proceeds for personal use- IE to pay off your personal residence the interest would not be deductible as a business expense. 

Maybe I'm wrong, but considering I wouldn't be paying 2 mortgages, water bills, insurance ect. wouldn't it be safe to assume I could purchase a property with a slimmer profit margin?

Hello, when doing a rehab on a property, what kind of insurance policy do you use?

Make sure talk with your lender so you know how  to proceed.

If it is silent then they should file a claim with their insurance company.

As far as some general criteria/thoughts:- My workplace is in the Cobb/Vinings area and I would ideally like to be a < 30 min drive to work (though I don't mind if its up to 1 hour away since that is my current commute)- I'm interested in using a FHA loan to put ~5% of a down payment (3.5% down pmt + 1.75% upfront mortgage insurance premium)- My target all-in purchase price range is between 200k - 400k - I would prefer to live in a 'A' or 'B' class property that I could rent another unit to a young or established professional/college or grad student- Just from discussion with my friends, a lot of them seem to dig living in areas like Midtown, Buckhead, Virginia Highlands, Brookhaven, Lindbergh.. how feasible would it be for me to househack in any of those areas and expect to generate a decent return in the future once I move out and rent out my unit?

Monthly income, expenses, insurance, taxes, etc)?? 

I am an independent insurance adjuster who gets hired by insurance companies to know how much a remodeling project is supposed to cost.

I wanted to do this because banks wont lend to anyone wanting to buy a place doesnt have title insurance, but since these people pay with cash, the insurance wouldnt matter!

Sometimes the fees are killer there.If you're getting a loan, likely they will require title insurance.