@Priscilla C. how much can you afford to put down without tapping the equity in your current home?

My rents are high at $6300 per 3BR unit so I guess the risk is if economy goes south and no one can afford the high rents.     

In some markets you can afford to increase more and in some less.I raised my tenants rent by $15/m and they were ecstatic. 

Given that affordable housing is a national issue it seems that the more pathways to home ownership is a good thing.

And the condo debacle in FL will be churning for quite a while as these rogue HOAs try to get realistic with deferred maintenance, new requirements, and freedom for people to use as they need to afford them.One thing to consider would be to 1031 all of them in a consolidation exchange. 

It can be frustrating especially when they pick their own inspector and they are totally clueless, raising alarms over non-issues.

You have to be honest with yourself, understand the risks and assess if you can afford the negative cash flow.

I guess the only thing giving me hesitation is that it looks like housing prices are at all time highs even after adjusting for inflation:https://fred.stlouisfed.org/se...Housing affordability is worse today than it was at the bubble peak in 2006 if you believe Case Shiller data. 

Median rents in Austin declined about 8% last year, I believe, and sales prices fell about 3% as well.If you’re willing to consider other markets in the Sunbelt, you’ll have more affordable locales to choose from.

Once you have a consistent amount of income from your business for 2 years where you can afford to buy a primary, then I would look into house hacking.