House Hacking in the Bay Area - Advice for a Newbie

[Oli Cimet]

As a new real estate investor living in the crazy expensive Bay Area rental market, I'm exploring clever ways to get into investing. My husband's job requires us to stay near San Francisco, so we rented a place way above our means last year at $5k per month and looking to move out asap.

I'm now looking at house hacking in Oakland where prices start around $550k. Not ideal, but it beats pouring money down the rental drain when we could build equity instead.

Is Oakland a good market for house hacking? Should we keep renting and invest out of state instead? As a total newbie, I'm torn between the options.

Any advice would be hugely appreciated! Thanks in advance! 

OLi