I do want to have rental properties in the future, so I thought maybe buying a home to live in for a couple years and then renting it when we leave would be a nice way to start that process, but just not sure if it's wise to do it now. 

@Mohamed Nagoor We used builders risk policy but it's been a couple of years since our last flip.

If you only have a couple thousand in the bank, you're pretty limited in what you can do, unless you find the alternative financing options that so many on these forums discuss. 

I have a couple I'm selling in Kokomo but they are in need of rehabbing.

As for creating an LLC, I don’t think we will do that quite yet because We want to get a couple more house hack multi families as owner occupied for the better rate.

What advice would you give a couple 26 year olds looking for their first house hack?  

The 1st couple times an office staffer fresh out of college sees some of these photos or hears the story about what's going on they have this look of shock & confusion on their faces.

If I could by a good quality building or home with the above scenario using very real quality numbers then I would most definitely move forward with at least a couple to start. 

@Michael Garry - I would attend local REIA events, network with investors, and offer to work for free to shadow them.  

If you are flipping you can start in a couple different waysOption 1: base ARV off comps, not all multifamilies are created equal and depending on the area and particularly the condition this could lead you astrayOption 2: base ARV off cap rates which will need to be determined after rehab, and then price accordingly.