Owner occupied house hack vs Investment Propery

[Joel Duhon]

I have two sons in college and am looking to buy a place for them to live in (with roommate(s)). I'm trying to decide whether to go the Owner occupied house hack route or purchase an investment property.

I can go the Owner occupied route by having one of my sons on the mortgage and take advantage of the lower down payment and better interest rate. Or I can go the investment property route and take advantage of the tax deductions and depreciation.

I have the cash available for the larger down payment.  

I'm leaning towards the house hack model as the rental income won't be high enough while my sons are living there to generate a large tax liability. Are there any other advantages/disadvantages that I should be considering?