Should I house hack or invest out of state?

[Oleg Serdyuk]

Hello guys. 

I live in San Diego in 1 bedroom condo. My loan payment including HOA is around $1,700.

If I rent out this condo for, let's say same as my loan payment, and buy another property where my loan payment would be $1,500 (or anything below) should I consider it a good deal? 

I am thinking about to buy multifamily (2-4 units), live in one and rent out others. 

But the problem is the prices (too high) 

Multifamily here 2-4 units approx $500 - $800K. So my down payment (5%) + closing costs will be around $50K.  Plus paying mortgage insurance of approx $400 a month is not my favorite thing.

Here is my options:

1) buy multifamily (if I find a good deal), spend all my cash and pay $200-$300 less than my current loan and be a landlord

2) Buy turnkey property out of state and get $300-$400 monthly cashflow

3) Implement BRRR strategy and buy rental properties out of state. I don't have any experience doing that, so it requires time, effort and boldness.