Is this plan for house hacking solid?

[Brandon Drake]

Hey everyone!

I've been listening to all the podcasts since last October and got the book on rental property investing recently.  Been learning as much as possible.  My motive is simple enough; my wife and I want to break out of the rat race... not be tenants in an apartment, begin to build wealth beyond our regular job paychecks, have our money working for us, and be able to support a future family.

I really believe the house hacking method is the way for us to start that.  We are in Union County NJ, and looking to buy a multi-family under $175k (including repairs).  Specifically Plainfield, NJ, where I grew up.  I know the city well, and while there are rougher areas, there are some better, and actually pretty great spots (although out of the price range).

Anyone in the area already successfully doing so?

One issue is the repair situation.  Most of the homes in our budget are in need of several thousand in repairs at least.  Ideally I'd like to move in and fix what's needed while occupying, we want to avoid having to live in our apartment while we do repairs...  Any suggestions on things to watch out for in these regards?  Manageable repairs while living in the unit vs something overwhelming or simply not possible?

Greatly appreciate the responses and advice.