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

Wow, that’s a tough lesson, but one so many of us in real estate can relate to.

Maybe go to one in a tough neighborhood so you really get in the thick of things. 

The market is TOUGH right now for LTRs and STRs.Hope this helps - we are trying to protect you.

As for the decision, it's really tough for any of us to say without knowing your goals, your situation and the numbers on this particular house.

And from my point of view ONE property one investor is far safer than the syndication model for most passive investors .. kind of like Investors making a HML where they are the only beneficiary ..

Quote from @Kaushik Sarkar: I’m exploring strategies to scale my real estate portfolio given the current mortgage rate Not sure much makes sense at 11%...Ouch....tough enough at 7.5%   Might have to put more than 20% down to finance....maybe 30% in North Texas.   

The IRS may scrutinize such transactions, especially if the "swap and drop" occurs too close in time.If the partnership has to be dissolved immediately it will be tough to sell the one property and defer taxes individually. 

I've been there, and it's important to know you're not doing anything wrong, it’s just a tough market right now.

Typically will be rent by rent strategy (which is tough for none owner occupants) or College rental.