From a numbers perspective it works but once we start adding what I estimate to be crunching 80k in repairs, coupled with a soft market for high-end homes especially next to heavy industry...I decided on a soft pass. 

Although, there is really nothing to be feared as long as you know the laws and treat people fairly.As mentioned above, finding a quality renter is really where all the heavy lifting is done. 

House hacking can cover mortgage payments, live cheaply, and build equity over time.Good luck!

In September I never cash flow and in a couple of months I just cover so I look at it annually.

I read the HUD link in full and am fully understanding now my rights, and as I understand it if a tenant requests a door be widened, they must pay for that, a contract is in place, and it is returned back with a deposit made that is large enough to cover the full construction costs.

Make sure you fully understand what the fees cover.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

That 10% difference in LTV would cover the full $25k (and I don't charge such high origination fee either.)

I have 3 mortgage payments and enough cash reserves to cover all expenses for 2-3  months without tapping into personal savings.

With the recent episode of BP covering this topic I'd figured it be a good idea to start a thread for all those curious here.