Building a small house on this 25 acres. 

My DP was around $20k and when I sold it I cleared over $200k.Good luck to you and let me know if there's ever anything else you'd like to know about house hacking.

If I am house hacking then what should be the insurance.

A block can transition from appreciating to depreciating within ten houses so you have to learn where it is ebbing and flowing.

Ultimately you will have to sell your house at a discount. 

The sellers says it's just college boys and that's to be expected.He's currently getting good rents...as unbelievable as it may seem and if cleaned/fixed up it could make more as well as increase the value of the property.We own several coworking/coliving properties in the US and Mexico, so we are used to hospitality and properties out of state.However, my questions are;Is this a norm for college students, or student housing? 

If it does go to probate, hopefully your brothers and you can amicably go the informal route vs formal (I've worked with families in both when buying properties out of probate and informal is FAR easier).Since there's no debt on the house, maybe you could sell with financing or maybe you could even buy out your brothers with financing -- that way you maintain ownership and just pay them a monthly amount.

The current price of the house is worth about $900000.

Quote from @John Friendas: There's a house I'm considering buying with a business partner as an investment rental.

@Tim Holt, Yes INDEED house hacking is the best option for most 1st time buyers.