Focus on undervalued properties, prioritize high-ROI renovations, and refinance to pull equity for future deals while maintaining 20-25% equity.

Large Metros get this.You should be looking in growth markets which have higher cap rates - but the future projection is they will decrease.Mid-west for instance. 

However, much older, and you'll be looking at many structural renovations in the future.

I have a wife and 3 kids and the weight of their futures on my back.

There is no additional "risk" on the note like a demand clause etc, but you have  extra expense in upfront one time costs and the pre-payment penalty that most programs are sold with if rates do drop as expected in the future.  

House hacking is going to be a great starting point to building your wealth that you can leverage in the future. 

Once you've identified what's important and what ratios to look for to evaluate a property, all future deals should be weighted against those "good" ratios/numbers - and periodically adjust to suit your goals.

The only time I'd say it's an okay idea is if either: The area you're investing in is expecting so much appreciation that you will easily profit off that (watch out for mortgage interest though...the appreciation needs to be higher than what you pay in that and expenses to make it profitable)You have some specific reason for wanting to do it- family ties, future home, major long-term hold, etc.Maybe I'm forgetting another one, but those two are all I have for now...

I will likely do one in the future so the knowledge is still there when I need it.

This experience will help you prepare for more complex real estate deals in the future.