The "house hacking" you CAN do is with your GI Bill: GI Bill BAH is based on the zip code of your school, not based on where you live.

If he is moving to another home and WILL LIVE THERE.  

The other catch is you have to live in the property, and you can't live in a construction site.  

Be cautious about adding a bunch of beds in the bonus room, if there are not large living spaces.

Troy,You should not have an issue buying a new property with 5% down conventional or 3.5% FHA (unless your current loan is FHA) on another primary residence as long as you lived in your current for 1+ years.

We live in Phoenix and every time the ac unit goes out (every 3-4 years) it takes them at least a week, but usually 2 to have someone come out, look at the unit, then complete paperwork and requests to get a new compressor or parts.I am dealing with this right now in my personal home, and am hunting for my first investment property right now.

I doubt I'll ever get my back rent and damages back either, but I figure if they ever get their lives back on track or they win the lottery :-) I'll be in line to collect.

The Charlotte market is definitely hot right now, however $50k would probably not be enough for a down payment unless you were doing a live in flip.

Yes it is street legal but the owner lives in NJ and it will have to be registered and insured in FL so it is a headache

You will have to purchase the property in your name and agree to live in it for at least 12 months.