@Kim Huynh - you are 100% correct.  

If structured correctly, this could be a strategic first step toward future multifamily investments.This post does not create a CPA-Client relationship.

I’m set to close on a property in early August and am trying to make sure I’ve got all the correct paperwork/wording to make it all legit.

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

So, to answer your question there is certainly a case  for both sides and the correct answer is really unknowable.

House hacking is an amazing strategy when utilized correctly, and can set you up for future success.

Correct?  

Oakland in general is seeing a correction in the past year, likely to continue into this year.

We would also have to close on the house first before being able to open a business account, correct?

It sounds like you did the correct thing in contacting Airbnb.