Check with your QI about both scenarios.I did have a client do a 1031, rent it out for two years and then moved in at the advisement of their CPA.  

@Paul De Luca I have been mostly looking into long term rentals so I am considering between house hacking and buying investment properties for the sole purpose of renting them out.

Paint, Plumbing, Roof, Flooring, appliances.B- neighborhood.55,750 down payment + 20k in repairs.  75750 all in.Median rent for the neighborhood is 2k.532 cash flow.I already asked them to drop the price by 15k for us to remain in the deal. 

Hey @Keagan Scott, so I don't have any insight into Gary, IN but here is a blurb -"Those looking to rent out their properties for less than 30 days (about 4 and a half weeks) will have to get a permit, pay a one-time $150 fee, and have a city business license.

We increased the rent slightly after the first 24 month lease and were able to recently increase the rent when the first tenant moved out.Lessons learned?

And do they care if I do rent by the room strategies?

I'm done buying inflated NNN rents at 6-7% caps. 

I bought it last year and thus far have: 1) Appealed assessed value to bring down taxes, 2) Got better (less expensive) insurance, 2) Rehabbed 3/4 units, and 3) increased rents $300-$400 per unit along the way.

Note rent minus piti does not equate to cash flow.  

If so, you will need to apply for a change of number of bedrooms on the standard CHA rent increase form.