The real issue for buyers looking for LTR, cash flow even with a good deal is hard to pencil out to be in the green.

Also, even though we make negative cash flow, since its big house and income from house is a lot we had to pay more taxes. 

Should I back out the deal and wait for another even with being in a fairly competitive market?

I’ve considered the idea of shopping it out to wholesalers, or even listing it, but I went into it with the intent to rent and I’d like to see that through if the numbers make sense.

I have even heard about having a Wyoming LLC and getting very complex to have more anonymity.

Because you probably have a bad rental listing with bad photos, and the prospects aren't even reading it!

You could look into syndication, however even that will require a significant upfront investment in legal and marketing fees.Good luck!

My question is can I purchase a property as a house hack in a different state even if I never actually live in it?

The building is not even close to 100% occupied, so apartments are easily found and rented.

Leverage tends to adds risk, I always recommend having the worst case backed up by, long term job prospects, other liquid assets to cover losses, an/or the ability to take measured risk more than once to even out uncertainty.The richest individuals use leverage to their advantage all the time, but it should be used with care.Zach