There are some properties I would look at that almost break even and think its nothing more than an assets under management fee and some I would run screaming from.And I agree with your plea to pay attention to the long term not-so-invisible expenses, might not be happening here. 

Figure in a 10% property manager expense on the 3 rentals, just in case you want to go that route.Even if it doesn't cash flow, and you pay full rent, you have a property you can easily check on, and for a first property, have fewer problems than an OOS property.

My husband and I started our journey last year with a house hack and 2 long-term rentals (after an exhaustive review of all options), there’s a lot to consider and ultimately need to ladder up to your short and long term goals, as well as your lifestyle (esp with kiddos). 

They also have unlimited supply so more supply than an 80 gallon tank water heater.  

I paid $1400 in Milwaukee, WI for a HE gas water heater,  new exhaust, removal of old, install new. 

A rider allowing for using your owner-occupied property as a short-term rental for a specific/limited amount of time is very different than an investment property being used as a short or long term rental 100% of the time.Also, telling your home insurance company that you STR your home occasionally does not give you extra coverage for those types of risks, it simply means if your renter burns your home down the insurance company isn't going to immediately deny your claim. 

When I told her this wasn’t allowed, she asked what part of the lease prevented it (there wasn’t anything in the lease that prevented it) …needless to say, I changed my lease to clearly state that each room in the house was single occupancy, and that there were limits on the frequency of guests (you live and you learn).This is by no means an exhaustive list of house hacking tips/tricks, it’s just what came to mind…It’s also worth remembering that, even with extensive preparation, house hacking can be challenging, and things WILL go wrong (e.g.; inconsiderate housemates, broken leases, furnaces that kick the bucket at the WORST possible time, etc., etc.).

Maybe not perfect, but you can tell if you are dealing with a custodian rather than an administrator because they will usually have the word "Trust" in their name or they will be a bank or brokerage.

A cost segregation study may allow you to deduct $150k in depreciation expense in the tax year of acquisition.This would create a large tax loss (notably different than an actual operating loss).

From your post, it sounds as if you've exhausted your cash putting 25% on ready-made single-family rental properties.My suggestion to you would be to study the BRRRR method and link up with investors and wholesalers in your area.