We want to grow our real estate business to be able to quit our jobs.

When we looked at purchasing a fulling running B&B it was more like 30% with a bunch of criteria we had to meet.Check out this link - https://www.sba.gov/funding-pr...The 504 is for large investments that drive job creation.

My thoughts: if you have a steady job that can support the negative cash flow, and you don't plan on leaving Long Island for at least 5-7 years, I would house hack. 

That 2nd requirement is  what makes it close to basically impossible with a W2 job.

I have a full time w2 job. 

With my W 2 job I might not be able to fly to these areas and vet them.

I think a better option is to get a job in property management.

My goal is to buy one rental per year with price between 150k-250k for the next ten years (if i get to keep my job). 

Use your W-2 income to qualify for multiple loans now, stack a few properties before quitting your job, and consider BRRRR or DSCR loans later to scale.

You've done a great job with keeping your debt low so I have no concerns about your level of discipline to use/reuse a line of credit.All the best!