For many people the math part is a major challenge.Since you're currently in the 'sponge' phase, what was it that drew you specifically to multifamily over other types of investing? 

Quote from @Chaim Mal: There are protection benefits to put the property into an LLC, and I would talk to an attorney and CPA on your situation on what would be best for your situation.

I already originated an $8.6M loan through a community bank believing I was going to build the 18 condos as phase 1.

The big idea: lenders want predictability, not occupancy.House hacking only becomes a problem when:The investor is equity-based ANDYou remove income without replacing itIf you’re using private debt, house hacking doesn’t hurt them at all.If you’re using equity, just compensate for the missing rent.What most beginners miss:House hacking isn’t about the property cash flow, it’s about the personal cash flow delta.A deal that cash flows $500 less on paper may still put you $1,500 ahead monthly because you eliminated your housing expense.Investors don’t care about that benefit because it’s your benefit, not theirs.

I don't really see how this will benefit any first time buyers.

I'm not a huge fan of REITs because you don't get the tax benefits of direct ownership.  

During the construction phase, the finish line seemed so far away, but now it's going to be here in less than a month.

Generic rentals with basic décor—think standard furniture from big-box stores and uninspired kitchens or bathrooms—are starting to phase out.

So, in short, yes, although the underwriting and evaluation of a deal can be more complicated and longer, the benefits can absolutely pay off.

I'm still in the researching phase and I'm trying to learn as much as I can before I really start looking for properties.