How critical is consistent income when using the "house-hack" duplex method?

[Josh Foret]

I've read several of the blog's with regard to "house hacking" including @Scott Trench's experience with his first property as well as @Darren Sager's podcast on his duplex ventures, and I've decided this is the path I'm going to take. 

My income is relatively inconsistent, as I own an e-commerce business that has its ups and downs. However, I am preparing to launch a product line that should (hopefully) stabilize that a bit. 

I was able to secure a private loan that will cover the cost of my first property. How critical is a strong source of consistent income when investing in my first duplex? I've spoken with several realtors in my area (DFW, particularly Plano, Allen, and McKinney) that suggest if I wait much longer, prices are only going to go up and up, limiting my options. 

Essentially, I'm sitting on a private loan, no debt, $5k in savings, and time. Should I get moving and make offers, or is my cushion too weak?