As long as you and your tenants have an oral agreement, you have an enforceable lease.

Cash is totally the way to go and all future real estate purchases are going to be mostly or all cash.

While you're living in one of the units you'll have the benefit of others paying a portion or all of your note. 

I would also suggest that you ask for a piece of equity in the acquisition in lieu of some or all of your fee.

If you are near broke, no lawyer is going to come after you.2) Can you cover most or all of your risk with insurance? 

One loan with a phased approach or all at once which would be the most cost effective option.There is obviously a lot more to the project and process but just wanted to offer some beginning thoughts to consider.

Go through all 5 properties-are they all in the same area or all over the place?

Then when you go to refinance, you can get most or all of your money out of the deal and you can go do it again.

@Andy Danna so does that only count for the 4 plex or all multi unit homes?

@Lance Blight No matter the case as long as you're reducing your cost of living expense by having tenants pay for some or all of your mortgage you are house hacking.I would caution you, though.