That is why apartment financing terms are so favorable (long-term fixed low rates, 30 year amortization, non-recourse, I/O periods, favorable LTVs, assumable, supplemental loans).7 - In cyclical markets, you do not need high leverage to achieve outpaced returns.  

This isn't my primary job and I use real estate to supplement my other investments.

Instead of paying the 1k/mo I pay now, I'll be paying just a few hundred in utilities for my side and to supplement cap ex/repairs.

Still a ways out from retirement, but my goal is to have rental income supplement (maybe eventually replace) the income from my job.

Sell some houses here and there to supplement your income.

Its pretty rural so i'm not sure that would work very well but at the worst we would just be adding another bedroom/bathroom. should we just flip and try to find a new deal or two or should we hold onto this house and try and supplement the mortgage with house-hacking income?  

The whole point of investment properties is to PREVENT this type of situation, by having supplemental income.

IUL's and Fixed Indexed Annuities are great resources to help supplement your portfolio and help with optimizing taxable events. 

Maybe you could each work so part time easy job to supplement your life style for a while.

Policyholders may need to seek supplemental insurance for these additional protections.4.