However, there really is no substitute for experience. 

And as far as house hacking, substitute the work house for duplex!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Obviously the rates and terms are better for you but the portfolio lender only makes money when the loan is outstanding and if they think you are only using them as a hard money substitute (a much cheaper substitute) as a bridge to conventional financing they will not want to do the work it takes to find the loan for such a short time.

I've had this talk countless times, and it's really quite simple.The question is, what is the actual $ value of your time- and by substituting yourself in the management scenario with a property manager...will you be money ahead?

There is no substitute for experience.

There is no substitute for jumping in and applying what you are reading about and learning what will work for you.

As stated above, LLCs are not a substitute for good hazard and liability insurance.

There is no substitute. 

or are there cheaper substitutes (like nearby apartments)?

Also you could do a substitution of collateral and move the seller's note to another property you own that would be acceptable to him.