Without a job your chances of success is likely very low.

It could be it's one of a small percentage of co-ops that does allow investors and there are too many units rented, or the sponsor still owns too many units, or it could be the reserves are too low, or not enough insurance, or a lawsuit, etc.

There are "deals" to be found in that area, but the schools are poor, and your rental rates will be low. 

Is the 1% or 2% rule mostly only attainable if you buy at a low price, foreclosure, or cash, and put work into it?  

Take for example the following:Rental Property that is for sale near where I live:$80,000 property that doesn't need any repairs (essentially turn-key that I will self-manage) - $900 rent $16,000 down with $2,000 closing costs - Total All-In: $18,000Assuming 5% vacancy, $1,000 in taxes, $800 for insurance, 5% for maintenance, and a buffer of $200 a month, I would cash flow roughly $3,300 a year.https://www.calculator.net/rental-property-calcula...I've been around this forum to know that people will say things like 'well your vacancy/taxes/capex is way too low.'

I haven't fully decided if to do the license route or just dive, so I am just trying to weight out my options.

You will have high expenses on something that old and that low of rent. 1-2 miles makes a big difference most of the time.

With one financed rental property after depreciation and interest the profit seen by the IRS will probably be low or negative

Always write him a check not through rent reduction so there is a traceability.  

Are the expenses really that low?