That means you need to bring another 40k to the table at the refi cause you'll have a bridge loan of 240k to payoff.Now you'll own a 320k house with 80k equity in it making 150 cash/month.You wanna look for better deal spreads. 

That is if you renew their 11.5 month lease for another 11.5 months you can only evict them for a violation of the terms of the lease (aside from a few unique carveouts such as you or a family member moving into the unit).

I agree with all of this HOWEVER I will say, if you have a unique product to offer to the market, you can attract even the highest quality tenants in the rougher areas, especially if they are secure properties that are close to downtown.

The seller never brought funds to the table.

It does not take too many months of missing out on a savings of 514 to realize that PPP was HUGELY expense in actual 16,000 or savings you had to leave on the table. 

Is this a unique form of house hacking, where the rental income from our owned properties covers the rent of our new rental home?

A couple reasons for this include:US Territory:As a U.S. territory, Puerto Rico enjoys unique benefits not shared by its fellow Caribbean islands.  

This would be able to move us in, and we would use that 100k as part of the 180k that would be required at the closing table for the assumption.

The seller is in a unique situation and may be willing to work a deal with me that would help me make this possible.

A lot of people decide to bring/raise investor money to the table as a foot in the door, but I also think there is options to be more creative and do the same thing.