to your point, if you save up so that you're in a strong financial position, house hack a solid duplex in a decent neighborhood, make smart decisions, and hold it indefinitely, you'll be fine.conversely, if you have $0 and somehow start out with a risky flip, or borrow $20K and spend it all on a magic mentoring program, or buy a terrible property in a neighborhood you've never been to, you may not be fine.

The hard money lender didn’t suggest going straight into a long-term rental loan, but honestly, that’s on me for not digging deeper into the options before jumping in. Definitely

This would allow you to indefinitely defer the tax on the property and use it to purchase larger property/properties in a nicer appreciating area.

We do not necessarily plan to keep each of our properties indefinitely, which makes this exercise not as relevant for some of our ventures. 

Quote from @Tyler Kesling: Not to drag this thread out indefinitely but if I were to take your advice and start small, is it the dumbest thing to 1) Hire a PM on a single fourplex and 2) Do a HELOC into a DSCR?

Tax on Appreciation is deferred and can be put off indefinitely with current rules.  

This prevents evictions for non-payment of rent or a lawsuit for collection of unpaid rent for an indefinite, unspecified period.

It was slow pre-election but now the bookings have poured in.  Definitely

But since it was being used for investment when you sold it you also qualify for a 1031 exchange.If you find that you still have any taxable gain leftover after the primary exemption, then you can indefinitely defer that tax and not have to recapture any depreciation in a 1031 exchange.

My wife and I would remain renting in our current apartment and we could easily afford to cover the mortgage indefinitely if/when it would be vacant.