I'd say just start your search with all 2-4 unit properties, and when you find one where the numbers make sense and it checks your other boxes (somewhere you actually want to live and house hack), then it probably makes sense. 

Quote from @Chris Lo: Which platforms/websites do landlords use to find the rent rate, how long the rental properties have been on the market, and all the details about other rental properties?

I think new builds in such areas is a great idea, but financially it's very hard to make the numbers work since you will probably have a very hard time finding comps.

I like how you broke down the options and emphasized working with an agent to find the right balance between budget and impact. 

If you want more detailed advice, I can provide it.You BEST option is to contact a bankruptcy attorney and find out your other options.

If so, where would I find good resources to get the best terms and do you think that going with our current lender would give us best terms and be less complicated paperwork?

Can anyone please explain what 'rent to price ratio' is when you are finding deals?

If anything, at least wait a year so you don't pay short-term capital gains on the sale of the property.I need to find some more deals like that here in Chicago...where in Houston was this property?

If you go this route you better find a way to set yourself apart.

I find that depending on the market $300-500/mo are fairly normal and if compared to what you would pay with a single family home on some utilities, maintenance, and management, it's a good deal.