With the numbers you provided above, you will have to ensure you have healthy reserves.

We do a tenant orientation at the property when they sign the lease and go over the specifics, one of them is no modifications, no painting walls and ... nail holes.We actually provide them with 2 packs of command strips and show them how to use them.

@Katie Camargo Don't expect the acquisition lender to provide better terms.

Happy to provide! 

Just given the information that you provided, I would say buying a house where you can rent out rooms or a separate apartment is a great way to start.

I considered starting out house hacking a MF, but it will only increase my monthly expenses, not lower them or provide cash flow. 

Do not allow dog until proof of insurance with you as additional insured given.also, keep in mind you only need to provide reasonable accommodation. 

If you provide excellent housing and excellent service it is likely that your turnover rate will be lower resulting in less future vacancy.

It is unfortunate that your lender is not willing to cash out or provide heloc, I'm curious what you mean the price is too low?

I provide my application and screening criteria on my website so applicants can look for themselves before spending any money.