A scenario like that would likely result in getting your entire investment back upon refi and also a nice cash-flowing rental to manage.   

.- They can rent by the room and self-manage to produce day 1 cash flow.- Many of these HCOL areas also have strict limitations on AirBnB or short-term rentals... that do not apply to owner-occupants - thus allowing for extreme cashflow potential for house-hackers.

FCI, Provident, Madison Management, Allied are just a few.

As you suggest lowering down payment to buy more properties is one way, although the downside is greater risk in event of down cycle and more time to manage required.  

Start as a co-host and work under a vacation rental management company in the area to learn the ropes.

I'm in Florida and self manage and can't find this type of form in the PRO member landlord forms package.

I say that because every decent legit place I know of in market, yes offers the option of doing just tenant placement, for self-managing. 

If you self manage short-term rentals it's well within reach. 

I currently work with investors who are looking to begin their portfolio in turn-key real estate and manage for them on the back end so they can still enjoy their everyday lives while having a resident in place paying down their loans. 

I recommend doing a deep dive in the STR rabbit hole and seeing if not just the numbers make sense, but also the time it will take up for you or your STR manager.