But in general, your biggest risks are not necessarily what's the maximum rent you can get, but can you find a reliable tenant that will always pay and pay on-time.

Focus on running a clean operation rather than perfect technical compliance.Pro Tip: Your biggest risk isn't the IRS - it's partners who might complain to the IRS.

One of the biggest complaints was the lack of places to stay and the expense for such.  

I do think the house hacking method will be the best method for me considering I will not be starting off with the biggest down payment.

My biggest sticking point is they have severe weather; floods, hail, tornadoes, etc.

Quote from @JD Martin: Nobody is going to build "starter" homes unless there are incentives that help absorb your fixed costs - developing lots, utility connections, grading & surveying, etc.

LL would have no incentive to paint, update flooring, etc.  

Plus, I’ve put together a comprehensive guide to walk you through the process step by step.What’s your biggest challenge as a new host?

Back yard landscaping is usually the biggest expense at $5-6k for artificial turf and rock, but doing this sets you apart from the others.

That part is as advertised.The Not-So-GoodIt’s Expensive—Like, Really Expensive.First-month rent is entirely theirs whenever a new lease is signed.15% repair management fee on top of already high maintenance and repair costs.No late fee benefit for owners—any late fees go to REI Nation employees as an “incentive” for chasing payments.