Don't buy a house on expensive debt then assume anything, KNOW!

Here are the details2bed / 2bath 1000 sqft Purchase Price: 98K, Seller paying 2K towards closing costsHOA: $175Vacancy: 1/12 (8.33%)Taxes: $400/yearInsurance: $450/yearDebt Service: $390 (25% down)Maintenance / CapEx: 5% of Rent: $495/YearAll Expenses: $675Comparable rents in the area: $900 (same complex), with some upgrades could get to 950-1000. 

Today I was at my Business Finance Course and we were talking about TAXES; my professor who shall remain nameless mentioned that "only ~1% of all taxes filed are ever audited" before he said that he was discussing tax deductions and how you can "tax deduct lawyer and attorney fees on business related expenses"(contract, legal and financial advice, etc.) 

If your apartment is $2,000 and requires a full fee it in theory is more expensive than a similar apartment listed for $2,150 without a fee.

From a strict buy and hold for passive rental income i think it is a pass strictly based off these numbers:your rental income is 1850Your listed expenses are 888if you finance this for around 148-150K mortgage going to be paying around 800 a monththats 1,688 leaving you with 162/m cash flow without a property manager(assuming you do the work yourself)**Maybe look to move the utilities onto the renters to increase margins **CASH on Cash is about 4.8% to manage this yourself are razor thin numbers. 

Rent doesn't appear to cover expenses.

Your tenants are staying with family so they are not accumulating additional hotel expense. 

and How much are all the expenses of the property?

The rents barely cover mortgage and expenses currently.So, my ask:  What would you recommend doing with the above (do you even think its doable) to both provide income to live on and long term investment?  

Of the two deductibles items the plane ticket while more expensive will yield more bang for the buck.