@Madison SloanTo start house hacking, focus on saving for your down payment, researching target markets like Salt Lake City or North Idaho, and building a strong team of professionals, including an agent and lender.

I am exploring options - sell his place, use is as a rental or take some equity out if it to purchase another property (I was thinking maybe a short term rental on the lake)?

Maybe lake visitors, but not really close to the lake. 

There are more factors than just the community (#beds, level of theming, location to the amenities, style of home (single family, townhome, condo) and others) But I would strongly advise to stay within some of the same communities you mentioned like Storey Lake, Windsor Hills, Championsgate and a few others if cash flow is your goal.

It was only within the last 30 years has the upper middle class incomes start to spread out of the lake.  

Over the years, I have build a list of distressed properties in my area of downtown Los Angeles, Glendale, Koreatown, and Silver Lake area. 

We bought a place in Truckee, CA (Tahoe area) across the street from Donner Lake, a few minutes off I-80. 

@Alyssa Holbrook is in the Salt Lake area, and she is an absolute boss.

So we have all Bassett and La-Z-Boy furniture in our lake house and it has been great.

I'm analyzing a mountain/lake town about 4-6 hours out from 3-4 fast growing cities.