Let's say on top of that I have loan interest of around 38,000.

Loan balance by month for 30 years2.

You will not get a conventional loan like owner occupied with lower down payment etc. you can get a loan but you will need 20-25% down. 

I am having a hard time determining the best way to get a good deal done if I can only get a loan to cover a purchase price of 100k or more.

What does it take as an insurance agent to become a referable partner with loan officers?

I do not have a degree and don't plan on getting one, however I'm in a position where I cant find a career to effectively fund my reserves or get a conventional loan.

Current home owner just got back to us today and said he has an FHA loan on the property but the property was passed down for 2 generations.

If there was interest charged on the loan, then it may not be a lot of money.Imagine you borrowed money from a bank and they repossessed it because you weren't taking care of the home.

That being said, it has been my experience that there are a lot of extra fees that are piled onto the Loan Estimate and they tend to have a higher rate to recoup more $$$.

I will share my "Most Expensive Lesson" in the comments.To kick things off, here are ten examples of expensive lessons or mistakes in real estate investing:Underestimated Repairs: The classic pitfall where the cost of repairs and renovations far exceeds initial estimates, impacting the overall budget and profitability.Tax Liens: Failing to account for or being unaware of existing tax liens on a property can result in unexpected financial burdens.Contractor Liens: Not settling payments or disputes with contractors can lead to liens against your property, complicating sales or refinancing.HOA Fines: Overlooking or violating Homeowners Association (HOA) rules can lead to significant fines and headaches.Bad Loan Products: Opting for loan products without fully understanding their terms can lead to unfavorable financial conditions, such as higher interest rates or unfavorable repayment terms.Ignoring Zoning Laws: Investing in a property without a clear understanding of local zoning laws may restrict its use, affecting your investment strategy.Overpaying for a Property: Lack of research or getting caught in a bidding war can result in paying much more than the property's worth.Neglecting Due Diligence: Skipping thorough inspections and background checks can uncover unpleasant surprises after the purchase is finalized.Poor Tenant Screening: Failing to properly screen tenants can lead to unpaid rent, property damage, and costly evictions.Underestimating Market Risk: Not considering market fluctuations can lead to investments that don't pay off as expected, especially in volatile or declining markets.We've all been there in one way or another, facing setbacks that seemed daunting at the time.