But it just depends on your risk threshold and how much you're looking to spend.  

It’s not a bad idea just depends how much effort and $ you want to put in.

Like others have mentioned, there are definitely areas that make more sense than others depending on if you want to focus on cashflow or appreciation (just like with any investment).

Hire an attorney to handle this, or it'll cost more and take longer than necessary.

If you did a cost segregation study on the property in the past, you may have to recapture the depreciation taken in the past.capital gain tax rates are 0, 15 or 20%There is also a potential 3.8% Net Investment Income Tax.Also, don't forget state income taxes depending on what state the property is located or your state of residency.Best of luck!

Depending on how the tenant works out, might ask you a few questions.

I am a new investor looking for primarily multi-family properties with 2-4 units; would be willing to house hack as well depending on the opportunity. 

It depends what your goal is.

Starting with your wife and possibly your kids depending on age (for example, they can help clean between tenants, this starts  their education [Check with your accountant because you may be able to pay your kids and take a deduction].- - While you will do the lion share, can you take advantage of your wife's talents and availability?

Both Conventional loans and DSCR loans can offer this flexibility, depending on the specific scenario and borrower qualifications.