Or turning your current residence into a rental and buying another primary and living in it until you can rent it to cash flow. 

The parent must file a gift tax return annually, and any remaining balance is included in the estate.If the home was your primary residence for at least 2 of the last 5 years, you may exclude up to $250,000 ($500,000 if married filing jointly) of capital gains from taxes.

I am going to assuming it's a nice house if it was your primary residence and it's in a nice location. 

The main reason I ask is because that is significantly below primary residence mortgage rates let alone any investment loans, if you can get rates like that I might need to make some changes on my end hahahTo answer your original question, assuming all else is equal long-term fixed rate debt is valuable. 

I am a complete rookie to the real estate scene, I am looking to house hack for my first residence out of college.

However, you can defer taxes under §1033 involuntary conversion if you elect to reinvest the proceeds into a similar rental property within two years (three years if the government condemns the property or threatens to do so, and four years for a principal residence in a federally declared disaster area).To reduce taxable gain, consider:Electing §1033 treatment and reinvesting the full $300K into a new rental property to defer taxes completely.Partial reinvestment, where only the portion not reinvested is taxable.Properly documenting all replacement costs and property details to ensure IRS compliance.Using cost segregation on the new property to accelerate depreciation and offset future taxable income.Since the §1033 election must be made, consult a tax professional to ensure compliance and maximize deferral benefits.This post does not create a CPA-Client relationship.

I am a long time Little Rock investor and resident.

Conventional financing requires that you have a SSN, Permanent Residency in the US, and a US credit score. 

Investment Info:Single-family residence buy & hold investment.

Repairs made while the property is your primary residence are not deductible, but improvements can increase your cost basis, reducing future capital gains tax when you sell.