For a first property I’m hoping to avoid a heavy rehab so light cosmetic fixes and likely will be low if any cash flow as it’s mostly an appreciation market.

I’m especially interested in house hacking as my first investment since it seems ideal for building cash flow, reducing expenses and gaining experience without heavy initial capital.Questions & Market Focus:I'm still learning, but I’m starting to research these four markets to understand which may be the best fit for house hacking.

Tell folks what I am doing; still going long gold, btc, but equity wise heavy leaps on NVIDIA, META, OKTA collared with puts(15:5 ratio) so net bullish.Real estate wise--as rates keep moving up on FRM, and inventory increases, I will continue to be a deep value bid.

In Seattle in can be 50/50, all the judges are elected and lean heavy left, but you can have success on occasion.

On the other hand, an SFR might offer more stability with less intensive management.If cash flow is your primary goal and Phoenix isn’t making the cut, you might want to explore cash flow-heavy markets in the Midwest or the South.

If talking to more builders does not work out to join you on transaction #1+ and you have enough capital and heavy rehab experience along with a GC / builder doing the project many lenders out there will offer you a lower leverage loan for your first project on your own.  60% finished value and 75% LTC is probably achievable without a builder in your company for the loan. 

You get the benefits of being close to all the recreation without the heavy snowfall. 

@Jorge Vazquez It is really good if you want to scale up quickly as you do pay a heavy price when you buy back the equity but it is good to pay back within 3 yearsThis explains betterhttps://www.cnbc.com/select/what-is-home-equity-sharing/#:~:text=Home%20equity%20sharing%20allows%20homeowners,when%20you%20sell%20the%20house.

Maybe with a 10 unit multi but still, very heavy lift.

I would say light rehab $30-$40/sqft - Moderate rehab $40-$60/sqft - Heavy rehab - $60-$100/sqft depending on what is needed