House Hacking in a highly cyclical market

[Curtis Moe]

So I am sitting on 14k and add 2k to that every month for my next property, but after hearing the recent podcast about house hacking that got me interested in that concept.

I can use a VA loan, but have a couple questions.

Can you use VA loans for duplexes, triplexes, quads?

Secondly, I generally would not invest in buy/hold in a cyclical, tenant-favored market like my home town of Minneapolis.  We are already way past '06 prices here, and have very little inventory.  Would you?

Would you house hack here now, or wait until the market corrects itself?