I have lived in Austin for almost 20 years where I own one house that has been my primary residence for four years now. 

I'm analyzing properties in my expensive market which has a dire need for affordable housing.

My goal is to buy a house in the area and house hack the remaining rooms.

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

I assume a higher upfront cost as far as land purchase and the actual build but you would have a brand new house, instant equity and hopefully maintenance free for quite a while.

There is no such absolute rule or mandate for REI - it is up to you on your comfort level with your cash flow versus total investment versus appreciation potential.If I followed that rule, I would have missed out on a LOT of great opportunities over the years.We bought a house in Jones Valley in 2017 with negative cash flow - why? 

I’d recommend focusing on building connections in Denver, exploring local markets, and considering strategies like house hacking or buy-and-hold investments to help you reach your goal of becoming a millionaire by 2027.Good luck!

At 19, house hacking is the best option if you have the downpayment and closing costs set aside.

When I was 22, I did a house hack, and I highly recommend it.

Some neighbors also told me that there seems to be more people living in the house (on the lease its supposed to be the lady and her two kids 4 YO and 8 or 9 YO).