My biggest obstacle was definitely the unexpected costs, especially the sewer line replacement, which made me partner up.It was tough, but a huge learning curve and great proof of concept.

Basically, you live in part of a property and rent out the rest, which makes getting into ownership a lot easier since investment loans can be tricky.

But here’s the part people forget:House hacks aren’t judged on cash flow — they’re judged on how cheap they make your life while you live there.If you live in one unit, the other tenant is basically paying the majority of your housing cost, and that’s the real win.

That’s why a lot of first-time investors end up looking out of state for their first deal so they can learn the basics while still getting positive cash flow.

They’re great and are basically a “no doc” loan.

I’d recommend connecting with local REI meetups, following some BiggerPockets podcasts, and learning the basics of analyzing deals and creative financing.

Once you learn some of the basics and get comfortable with dealing with long term tenants and the building is stabilized, repairs have been made and completed then I would move into the more lucrative short term or long term if you can.

Hey Andrew, welcome to BP and yeah, $3,500 for a basic 1-bed turnover plus another $400 for cleaning definitely feels on the higher end unless there was major damage or a full repaint/flooring replacement involved.

Yeah I basically need someone several times a year to just make sure pipes dont freeze.

Hey Jerell, yes, people do this all the time, and it can work really well as long as the numbers are tight.A balloon note or hard-money loan is basically just a temporary bridge.