A simple 5% return per year gets you $50k/year...and you still have the $1M to adjust to inflation by reinvesting into different vehicles along the way.Focusing on taking the long term returns ($$$/year) can be a better choice, but you have to look at the long term impact with all your options, compare them, and then make a choice.Do you think they teach that in school now? 

There is another factor that is your family so understand what is the impact there.

Or is it enough to give the buyer/vendee multiple notices, terminating with, "If the defect is not cured by XXXX date, the contract will be considered terminated"?

While rent rates do increase, so do the potential headaches of managing multiple tenants.For example, here in Bryan and College Station, TX, you can get an extra 10% by renting out rooms individually.

Lastly, my initial goal is to house hack so I can theoretically live free for a few years, while buying multiple MFH to build a larger portfolio quickly.

If you have multiple properties, move the locks from one to other during turnovers.

@Chris Watkins and I also teach a "New Investor Series", our third class for how to scale up to multiple properties is in November.

If you find a lender/mortgage broker that communicates very well and in a very time efficient manner start there to see if they have a product that works.Most of the lenders we have worked with in the past we have done multiple loans with.

Their income can be impacted because they often need a price point that is competitive with a hotel room.  

They’re likely filling out multiple forms like this, and if yours is cumbersome, they’ll move on.