I called several listed in forums and several local but they do not cover AK. 

A (former) friend of mine was heavy into this a few years before the subprime meltdown, and was hit hard by foreclosures to his properties because he was too highly leveraged, usually buying with little to no equity built in.

., and a reserve for capex) to get your Net Operating Income (NOI)From your calculated NOI, you can really start digging deep:Subtract your debt service from your NOI to get your cash flowDivide your NOI by the acquisition cost to get your cap rateTake your NOI, add the reserve for capex back in, then subtract your mortgage interest, to get your taxable incomeDivide your NOI by your debt service to get your debt coverage ratio (tells you how many times will your NOI will cover your debt/mortgage payment).

How do you handle acquiring a rental property that already has long term Sec 8 tenants who’s rent covers beyond the cost to finance the property.  

So I went from paying $825/mo rent to $317/mo for a rental property and that covers the cost of ownership.

You must talk to some hard money lenders (which can range from a private individual with cash to lend, to a quasi-mortgage broker who does HML and bridge loans - the former often being the easiest/quickest/simplest to the work with, the latter often being more like applying for a conventional mortgage), because you have to know the following about your financing options/costs in order to evaluate potential deals:LTV/down payment requirements, and whether they cover just purchase, or both purchase and rehab costs.

I can maybe cover 20% down but I'm hessitent cuz I'd be pretty broke I'm thinking maybe I should keep saving before I buy my first property.There's a 3 unit the bottom is a grocery store it's been occupied 10 years. $900 per month current rent Upstairs there are 2x 2 bedroom apts. $600 per month each Total: $2100Listed $110,000 Tax: $166\moInsurance$176/moUtility's; $100/moLawn/snow care: $50/moVacancy:$100/moRepairs: $100/moCapex: $100/moProperty management: $200/moMortgage$462:moTotal expense:$1443Monthly cash flow: $657Annual cash flow: $7884$22,000 downCash on cash return %35I guess that's what the current owner pays in insurance kinda kills the deal a bit.

I can maybe cover 20% down but I'm hessitent cuz I'd be pretty broke I'm thinking maybe I should keep saving before I buy my first property.There's a 3 unit the bottom is a grocery store it's been occupied 10 years. $900 per month current rent Upstairs there are 2x 2 bedroom apts. $600 per month each Total: $2100Listed $110,000 Tax: $166\moInsurance$176/moUtility's; $100/moLawn/snow care: $50/moVacancy:$100/moRepairs: $100/moCapex: $100/moProperty management: $200/moMortgage$462:moTotal expense:$1443Monthly cash flow: $657Annual cash flow: $7884$22,000 downCash on cash return %35I guess that's what the current owner pays in insurance kinda kills the deal a bit.

@Marie Withelidua I would sell if you have enough equity to cover the commission.

My initial analysis is whether the rental income will he enough to cover the potential expenses.