Quote from @Maria Jeanette: I am considering using Equity Trust to set up a self-directed IRA to purchase properties.

With insights from experienced brokers, I can set the perfect selling price that'll make everyone smile.

@Tim HoltFrom my experience, house hacking can work well if you focus on minimizing living expenses and setting yourself up for future cash flow.

These investors were looking for Passive income, but they didn’t realize they had to fill the role as an Investment banker and they didn’t have the skill set or systems to do that.  

Her contract says nothing about set up fees or early termination; I gave a generous offer to keep $400 as a design fee, but she sent me (2) $30 deadbolts and said the Technology Fee was non-refundable.There's other, better STR management companies out there.

Challenges like this can ultimately set the stage for a better-performing asset in the long run.

Of course, nobody wants to be the test case, but I've never heard of IRS treating money from a loan as income, ever.I think you would be better off with a long closing date on the purchase and sell your exchange property fast so you can do a conventional 1031, receive conventional financing with one set of start up fees/costs, etc.

Luckily I was in a buyer's market at the time, but about 75% of agents did not even respond to me and I could not set up appointments online because I was not a MLS member.   

I have investors that I set up loans with private money that only use this method because of the speed.

House hacking can also be a solid way to offset expenses early on.It sounds like you're diving in with a great mindset and skill set—being handy and managing yourself puts you ahead of the game.