Fix in your unit, then move next door and repeat.You question RE house-hacking vs. flipping are 2 different philosophies.

Hey Matt, I'm from San Diego as well and I like to subscribe to the philosophy of the Real Estate Guys (another great podcast in addition to BP by the way) and that is live where you want to live, and invest where the numbers make sense!

Rents in Waupun are strangely low, my rule is never pay more than $32k per 2 or more bedroom unit, I don't see how you make money even paying the assessed value for it, but my philosophy is different than others

I then explain my philosophy of quality over quantity, risk adjusted returns, total profitability (of which cash flow is only a very small slice) and wanting the FEWEST number of units (not the most) to produce sufficient cash flow to cover my living expenses on assets that are most likely to appreciate in value over time ... beyond that, mo' units = mo' problems.

HoldenMy philosophy for investing over last 40+ years in Norther Ca.I teach my newer students to focus on one thing.........CASH FLOW.  

My philosophy is to present a fair lease, but hold my ground as to why it's fair (based on market comps, etc.).  

My philosophy is ABM = Always Be Marketing as you will need many sources of deal flow coming to you from real estate brokers, other investors, direct mail, wholesalers, BP, title folks, attorneys, mortgage brokers, CPA's, property management companies, etc. to name a few.The best advice I can give you especially in the real estate cycles we are in, don't be overly anxious to do just a deal. 

I take the philosophy, instead, that there are good and bad people in every income level - and I want the good ones in a bad area.

ReynaldHere is my short philosophy and a link to my website blog that I have shared over several years and 300+ posts.What I do:There has never been a better time in 30 years or more to take full advantage of the current housing market.

If not, find a wholesaler that is doing deals that is aligned with your business philosophy and help them out.