So, I want to buy this house with a conventional loan as a primary home to house hacking and take advantage of the separate meters and all of that.

Close proximity to another source of plumbing - either side by side, or stacked one on top of the other - means easier access to existing water and drain/vent lines, which will almost always be advantageous for your project budget.  

@Jon Delarosa Rental expense "taxes" category can include: Property taxesHotel and occupancy taxes County taxes and fees Local taxes It depends on the rental and location. ...

I am all about using the tax code to your advantage but flat-out LYING about being a professional is unethical, immoral, and WRONG!

You may group such expenses into a single category under "Other expenses."

Feel free to connect to discuss all the advantages/disadvantages!

Compare this with an investor who owns $5.5 million of real estate free and clear.The one advantage the former has over the latter is IF values rise he’s in a position to reap substantially more capital gain than the latter.  

Advantages/disadvantages about a longer-term lease in this situation?

Additionally, it enables you to capitalize on opportunities quickly without waiting to accumulate sufficient personal funds, thus maximizing your growth potential and taking advantage of favorable market conditions.

Like everyone has said, do your research and take advantage of the real estate agent tool here on BP.