Once you make an offer and are under contract, there will be a whole new list of documents to request, the highlights being all leases, tenant applications, and vendor contracts.One thing I encourage my clients to do, is ask their lender what documentation they'll want in order to underwrite the deal.

 @Ryan Daigle  Thanks for your detailed reply and highlighting the risk factors.

As @Brandon Turner's book highlights, you want to look out for any suspicious answers during that initial conversation - i.e. someone who needs to move "ASAP" and seems to be in a hurry could be someone who is running from their current situation. 

I'll put the highlights below that I've personally done.  

We sent a rent increase letter to our customers in advance highlighting the improvements we made to the property.  

Here are some of the key highlights: * Median sale price is up year on year * Closed sales are down significantly * Homes are still selling quickly * Sellers are not having to drop pricesClick on image to enlarge

I think house hacking is definitely hands down the best way to get started for all the reasons already highlight for you; low down payment etc...

I would encourage you to broaden your search area as there aren't many sub $300k 4/3 options in your highlighted area. 

That brings to the core highlight of this post in-asking: What can Airbnb Investing bring short/long term?

Had the same sequence of problems and it was highlighted by the appraiser.