House Hacking Strategy: Living in one unit while renting out the other(s) is a smart way to offset your mortgage.

I'm imagining something more like add a wall, turn a bedroom into a kitchen-living on one side and a formal dining room into a bedroom on the other side, maybe add a half bath in each unit.

You'll likely also reduce your cost of living by moving to a stabilized apartment.Depending on the cashflow and debt paydown, you can use this strategy until you've built enough equity to reinvest.On the other hand, getting into a multi-family after refinancing will also help you build substantial equity to rinse and repeat in the coming years.

If you live in Texas this is a great resource to see how much MF inventory is growing in your market https://trerc.tamu.edu/data/building-permits/

The wear/tear is much less for STR because the guests do not live their full-time.   

Unless you want to live in that district, I would avoid any and all purchases in an area like that.

Many of the investors that I work with are from the West coast or the Northeast and it just doesn't make sense for them to invest around where they live.  

I am from California, but lived in Peachtree City, Georgia last year (renting), and currently live in Germany as an Au Pair.

I plan on living in one side and renting the other side out. 

I did 7 deals last year from out of state living in Austin Texas.