I am currently living out of state so I have hired a property management company to handle this task, however, my home is still sitting vacant with very few prospective tenants.

This has been my experience and I live in an ultra-competitive market.

Carlos, I am from Spokane and I house hacked the first 4 years I lived here.  

Strategies like living in a duplex or triplex, adding an ADU, or renting by the room can help maximize cash flow while leveraging FHA or VA loans for lower upfront costs.

The past tenant was a hoarder and the apartment has not been lived in or touched since 1999 (26 years)! 

Even if the sponsor lacking knowledge and experience can raise capital through syndication, their life will become a living nightmare of lawsuits, hostile social media posts, public ridicule, accusations, legal threats.  

U live a lifestyle not a job huge difference..

I’m trying to familiarize myself with the area more thoroughly.it seems to have a stable increase in prices.Since I plan to live in the property initially, breaking even in the first year is my main goal. (5% down; PMI removed with renovation)However, I’m also wondering if it’s feasible to have some cash flow from such rentals, or if the risk of vacancy is high in this market.Any guidance or pointers from those experienced in this area would be greatly appreciated!

It makes sense for house mates, spouses etc. to be Additional Insured on a renter's Insurance policy if they also live there and keep their stuff there (although I think anyone on the lease is typically covered anyway).

Or if your'e living in it would you feel comfortable in that area.