They might want John and Mary to directly own XYZ, LLC.

I'd recommend searching the forums for topics you're interested in to get a solid base and direction. 

Specifically, I’m interested in house hacking as a way to begin practicing real estate after I graduate from college.Can anyone share some learning directions, tips, or experiences?

I’m not going to pretend like I've got a crystal ball, but I’ve been around the block enough times to point you in the right direction.

My friend recently told me of this scenario where the person I lease to would perhaps then double book individuals and keep deposits. 

Another key point in loans is that the broker or direct lender will often try and include the costs into the loan, for some this is fine but you are paying interest on that money over a long period of time....FYI

There seems to be a belief throughout this thread that its alright for a city employee to come onto your property and simply lie about item after item and then send a written agreement in direct contrast expecting you to sign and return it.

House hacking cash flow increases depending on how little space you can live in for a year (or more).I can't speak to Minneapolis inventory directly, but multi inventory is low in a lot of places.

I just started my direct mail campaign and it took a whole Sunday (3:30-9PM) to do 200 letters and this was about as automatic as the average Joe could get:Printed Yellow letters using Officejet printer (Paper from Amazon)Printed envelopes using the same printer (Envelopes from Dollar Store)Bought 400 forever stamps from the Post Office to create the "genuine" effectStill, folding and stuffing papers was an extremely underestimated variable.

The security deposit should never be used for anything during the lease.