Our total mortgage amount is 165k and our total out of pocket is about 9k, that's closing costs, fees, insurance, appraisals everything.

Welcome to why strategies that work on a spreadsheet don't always work out in real life.

I will probably want to refinance at least 80% of that into something fixed at some point to hedge against rates going up.Monthly costs:* debt service = $441 (141,000 *0.0375/12)* insurance = 78 (quote from Geico)* HOA: 860* taxes: $149 (it's $894 each per year)* repairs: $100 (I'm estimating a little less than with an SFR because with a condo I don't worry about the roof, the hot water heater, landscaping, etc.)total: 1628Monthly income: $2660 (1410+1250)Net: 1032Cap rate = 8.7% (1032*12/141000)Things I didn't include: closing costs, vacancy.

@Michael Plante We live entirely off a base salary after taxes of $4562 a month ($1000 mortgage, prop taxes, insurance, food, vacation savings, etc) and I also make about $5000 a month in commissions.

Check out my profile and read through some of the posts where I rant and motivate people that are 20-40 years old saying that age is just a number and telling them life experiences they never had.

On top of this I manage several properties while trying to lead  a meaningful family life.  

I would prefer to stay away from FHA loans/fees if possible, but am open to scenarios where I can still make the numbers work with all fees/insurance.

@John Knisely  Electric baseboard heating can be expensive when you look at life cycle cost, this includes utility cost. 

I am scared for my life and I give importance safety all the time.               

You don't have to run this through title insurance, because you are deeding this from yourself to an entity that you will own or control.