Although I am open to a lower cash flow in exchange for the convenience, I am not willing to buy one with negative cash flows and speculate/bet on future equity growth.

But even then, if you approach house hacking correctly, you may be able to manage both...The amount of time the house hack will consume depends largely on the location, the type of property, and the type of tenants ...a C or D class property can completely overtake your life, and isn't advisable for a new investor (let alone a new investor starting college). 

The property class must be C or D Which means constant problems.

When dealing with C or D class neighborhoods, do you get creative with how you screen and qualify tenants?  

You can also bet on the future such as the investment in infrastructure- but you have to decide how long will that take & will you really be able to take advantage of it if it's a 20 year plan.

In my opinion, that book was not worth the $20 or so that I paid for it.With that said, while section 8 does not expect you to provide A/C or dishwashers, they still hold you accountable for providing safe and clean environment for your tenants. 

He is know buying the 40 unit right next store so he is in a pretty good spot there.Segway that to buying a C or D class 15 cap in the mid west and you need an army and are going to be involved or your going to lose your butt...

And there will be TONS of "naysayers" who always will tell you not to do something...because THEY won't do something.  

"Buying cheap houses in the bad end of town" for LTRs is a very good way, however, of actually going broke unless you have a lot of skill and patience renting out Class C or below housing.

Not sure where you're located....lots of deals to be found where I am in Ohio and I invest here as well, primarily in multifamily properties in C (or lower) neighborhoods.