So we shall elucidate five myths and truths about investing in them.Myth 1: Distressed Properties Are Always Money PitsMost people think that distressed properties require major renovations, which wipe out profit returns.

@Michael K Gallagher Any major cons I should look out for if I decide to house hack? 

I don't see it as an issue but many still do, at least in my small town where the majority of renters are elderly people looking for low maintenance housing options.

Indeed - I see bright future for North Carolina as a whole and for all major population centers like Charlotte metro, Research Triangle (Raleigh-Durham-Chapel Hill) and the Piedmont Triad region (Greensboro-Winston Salem-High Point).

I currently manage a portfolio of 17 STRs, some are mine, but a majority for other owners.

I would say credit monitoring

the note is converted or exchanged for credits?  

If you have nothing, and make nothing, you declare bankruptcy, wreck your credit and try to go back to renting.

Great credit.

Freddie Mac will allow you to finance each property and the Maximum is 10 loans on credit.