You'd probably feel like it was an achievement to be proud of.  

Maybe not realistic to achieve in this case but no way you should be paying anywhere near $318K plus repairs. 

That said, i know Im 2-3 years out from achieving that objective should i execute the right strategy.  

I'm now more focused on optimizing my persoanl finances.

Break-even is very achievable.

One of the most important factors is to buy under market value ie distressed properties/foreclosure, you will then have a better chance of achieving higher cashflowRead my thread onDetroit the come back kidI have listed some areas I target

I know this is not optimal, but various factors (emotions, spouse wanting to keep current tenants in, etc) have made us not move them.That has hampered our cash flow, but the appreciation of the properties/area have kept any discomfort at bay.

What are my options finanlly for achieveing my goal of purchasing an owner occupied rental property in my current situation.

Where there is passion great things can be achieved.

The best way to find them is to send out mailers.Some good lists to target are Absentee Owners with Equity, Seniors with Long-time Ownership and Homeowners with Low Financial Stability Scores.You can work with a list broker to optimize your list for your area.