We moved into a nice house in Florida when I was a sophomore in high school.

House hacking, if you will. 

I house hacked then rented it out after a year.

If you want less leverage simply put down the funds you would use to pay down the 6.4% rate on the new property so you are at say 60% loan to value on the new house.

What do you do when in house goes on vacation? 

House hacking a 2-4 unit property with FHA (3.5% down) or Conventional (5% down) can be a smart way to start, while DSCR loans or partnerships can help if you need alternative financing.

I’m especially interested in learning from those with experience in more expensive housing markets and from people who used really estate as a way to invest for their kids' colleges.

Found the deal myself on redfin after house hunting for several months.

When it comes time to kick her parents out of their house can they afford to go somewhere else?

@Parker BullardFrom my experience, house hacking is a great way to reduce housing costs by renting out part of a property, like a duplex or triplex.