Quote from @Derrick Lewis: I looked up NY state law just for fun and found a good list of recommended practices.

Your idea of using a second home mortgage for house hacking is both creative and practical, especially given your flexibility.

Just because a technique for acquiring or earning money is popularized by gurus and practiced unethically by the gurus students does not mean that the technique itself is a scam, unethical, immoral, or that the participants aren’t honest.   

It can also be probably fight in court if this is a monopolistic practice if you think about it but who will want to fight it :D.  

Hi BP Community,I’m looking into my first out-of-state multi-family partnership with someone that already has experience in the local market and connections to the operational teams required to make out of state inves...

At the very least you get practice running numbers and if you share your thoughts with the realtor they will have a better idea of what you are looking for in the future.

In my experience, the larger properties pre-lease earlier (5+ BRs) than the smaller properties.This student rental thread may be helpful: Nearing 1,000 College Tenants - Here's What I've Learned

Next step will be to start analyzing deals for practice and asking others for feedback on my analysis.

Income, expenses, and distributions are automated and visible to all investors, minimizing the risk of manipulation.This model isn’t for everyone, but it’s a way to give people passive exposure to real estate without the complexity of ownership, while allowing property owners to raise funds without giving up control.Would you see this working in practice?

Not practicing law in your state though, so you need to consult a qualified lawyer in your jurisdiction to see what to do