Quote from @Dylan Webb: Have you talked to a lender to see what it would cost you?

Rates as low as 7.25, depending on credit score and LTV.

Starting with house hacking is a smart move, especially in a higher-cost area.

Of course have your costs researched first bc the buyer will want to know how much it will cost them to buy.

Hi @Alex Lee I would avoid 203K loan and work with conventional renovation loan based on knowing you'll be forced to use 203k certified contractors which will cost more money and offer inflated pricing because they must follow 203k guidelines. 

I will say that during that time, the HELOC interest rates were very low.  

We are t protected at renewal time. 

You can create a formula for splitting that cost among the tenants.

At that class of property, the turn overs are costly. 

There was positive population growth, medium home price growth, low unemployment, good rent to home ratios, and low crime, all of which are factors when I start looking into an area to invest in.