If you are just looking for principal protection assets you can do a lot better than empty houses, if that's what you are doing. 

My girlfriend and I are looking to get into Multifamily real estate investing and have looked into the possibility of house hacking, although a good property for it seems to be tough but not impossible in this area.  

Make sure the estimates are very detailed (scope, SF, $/sf, schedule, etc) to ensure that there is a clear dilation between contract work and change orders.

Buying land is simple there is due diligence that you need to do but not a ton.

There are many markets that fit this description.

It’s currently vacant and we are considering selling, but the foundation will be an issue.  

Are there any downsides to it?

There is a reason why they are on the more affordable side.

Also would love answer to the following: - Are there any specific challenges or advantages you experienced compared to a JV structure?