Sometimes, you have little choice because a vacant property is simply uninsurable or the insurance cost is astronomically high. 

I've lived and worked in various cities here and have witnessed the astronomical growth of the bubble-like economy in Silicon Valley.I've finally come to the conclusion that real estate investing is the way to go (wish I had arrived sooner!)

Since moving out of state and having to change my auto coverage to a different carrier, my rates on the policies for my rentals went up astronomically; nearly threefold.  

When I run the numbers, the cost just seems astronomical and doesn't make sense, but at the same time, this is such a small house for a ~$50,000 rehab!

Your property has hopefully appreciated astronomically when you sell, you've brought in decent rent, you'll have depreciation, and you'll have tax benefits.

Im never a fan of longer amm's the extra you pay over time is astronomical,  and in the event of a downturn your equity position could trap you in the property if the need arises for you to move or need to liquidate. sonds like a risky proposition to me. 

The margins seem to be a little better and the purchase prices are not astronomical. 

I provide water to tenants--I'd be OK providing water, heat, hot water, but never electricity (can be astronomically expensive particularly if they're not paying, or in the weird situation where they pay for gas heat but not electricity they'll bring in a bunch of space heaters).There are some miscellaneous things that you may or may not account for if you're living there, like snow removal (could be expensive depending on the property, but maybe a few hundred dollars), cost of finding tenants (if you use a broker or an agent), miscellaneous accounting and/or legal fees.You said there are 3 meters: are there 3 separate water heaters and furnaces?

(and, I'm glad I didn't wait to pay off my student loans, because it allowed me to get into RE investing at an excellent time, when rates were low, prices weren't astronomical, and properties still cashflowed easily)...In my opinion, house hacking is arguably THE best way for beginning RE investors to get started--it has MANY advantages over other RE investment strategies, and you'll get to learn all of the essential lessons of RE investing and property management that are critical to success in RE investing...house hack a property every 12 months using an owner-occupant mortgage, and in a few years, you can have a solid portfolio...Good luck out there!

If it's only over a 6 month period, the monthly payments will be astronomically higher.