Are there any unique considerations or red flags you look for compared to the traditional rental process?

I probably have about $100,000 of my own funds to put up, (will need $500k Minimum) but don’t have the credit or the income at this current time (Just gut renovated my main residence). 

Purchase price: $150,000 In the process of buying 1.21 acres in Isabela, Puerto Rico.

Great and timely information.

Since generally the benefit of a house hack is to hold the primary residence loan as long as possible, if you hold it long-term, you could still be forced to pay the mortgage insurance 10+ years down the line.Plus, you can only have one FHA loan (with some exceptions) at a time, so I'd rather use this house hack for 5% down which I can repeat and save FHA for another time. 

This is an important distinction.Example: You're a self-employed realtor and work full-time.

I was under the impression that FHA is first time home buyers.

Is the property & tenants mostly easy to manage or is it taking up a lot of your time?

My main aim of interest in real estate is to increase cash flow and overall build wealth that can replace my day job and give me more flexibility with my time.

I use a loan servicer who processes the borrowers payment and then sends to me.