You live in one room, rent out the others, and pay your expenses with the income.

I don't agree with your assessment on Tertiary markets as it relates to appreciation and cash flow.while some can be OK.. many of those markets are stagnate and those renting are certainly living month to month.. harder to find labor etc.

House hacking is a great way to reduce living costs while building equity, and BiggerPockets is a great place to network and gain insights.Good luck!

I have learned that in today's world of information you do not need to limit your investment to just markets you live in or normally travel to. 

Kyle  My father-in-law did this by creating a portfolio that is primarily debt-free single-family rentals in the city he lives in.

I've lived here on and off for 15 years.

Sadly, we lost my mother-in-law to cancer two years ago, and my father-in-law has since realized he no longer wants to live there, though he remains emotionally attached.The home is in its final stages of construction, needing only finish work and a kitchen remodel to be rentable.

I'm a landlord/realtor living in SC now.

I am a new member here and currently live in Tucson, AZ.

Given that 60% live on campus, that's 30,000 students in potential need for housing.