Hi Ethan, I would not entertain the idea of getting more money from this tenant in order to potentially increase your cash flow. 

Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health) and choose the one that is most “stable” with the best potential for long term tenancy.This advice is contrary to maximization of rental income, but IMO will reduce expenses of tenant turnover, property damage, property management fees so much that the difference in bottom line income will be quite small.  

Hey Makani, you should check out DSCR loans, which are primarily for investment properties and focus on the property’s income potential rather than your personal income.

I’d dig into this a bit more.Another assumption that stood out to me as potentially problematic is the 6% income growth and only 3% expense growth.

I'm new to real estate investing, but have thrown myself into learning as much as I can by joining a Veteran based investment community, have been working with my realtor and looking daily for potential multi family properties in the Dallas area for house hacking, which I've set myself an deadline to be completed by May.

It is something I am interested in doing in the future, potentially even this year, but I am curious how to put concrete numbers to this decision.  

Which is very complex and costly and likely warrants professional help.Now, if it's just you and your spouse, then your 2024 tax preparation is likely relatively straightforward:- you will create a Schedule C on your personal tax return- you will NOT report any costs of purchasing the property or its rehab, not in 2024- you will report your business overhead expenses such as marketing, driving, technology etc- you will end up with a business schedule showing zero income and some expenses - not breaking the rules but potentially raising an audit flagCan you do it yourself?

@Hector Lewis - The decision ultimately depends on your current cash reserves relative to your financial needs, as well as your willingness to reinvest for potential appreciation.

Have you started thinking about your strategy or exploring potential markets?

When scouting for properties, explore areas on the west side as well as some parts of the east for potential opportunities.