House hacking when the market is high/peak? Risky or not?

[Jonathan Escobar]

I'm really considering buying my first house and house hacking it. I am currently a student at Brigham Young University in Provo Utah and other investors have told me that the market is very high right now. We have been in a bull market for about 10 years which has been the longest in history. If I'm planning on buying a house every 1-2 years, would this be a risky investment knowing that if the market corrects, then I could lose a lot of rent from tenants and then be stuck with paying more on my house. I know that you can't tell when there is going to be a correction, but what are the risks that I have to consider just in case that were to happen? 

I would have my dad co-sign with me to qualify for the FHA loan and I'm sure he would help out on the payments if the house lowers in rents. So I think there would be a low probability that i would ever default on the house... what are your thoughts? I've looked at the market here in Orem Utah which is where I want to be because it's close to Utah Valley University where the renting rules are more lenient than for BYU Students, and just from looking at the mortgages that I calculate, it would be very tough to find a rental property that I could live in and cash flow positively.