You can expect turnover costs, losses due to vacancies, and other expenses.

Just focus on running the numbers carefully to ensure the property cash flows or at least covers expenses, and don’t hesitate to lean on resources here for advice.If you’re financing, look into FHA loans, as they’re great for first-time buyers purchasing up to 4-unit properties with low down payments.

Why do you put a window that low in the bathroom? 

However, I like that there isn't a lot of work to do and I could still make the property really cute with not much risk.Inventory is so low.

Lowering your standards invites expensive evictions and repairs. 

- My first thought is offering cash, but the home owner would most likely just let it go to foreclosure because of how low the offer would be. - My second thought is offering some cash and taking over the loan - there are no liens on the property yet.

If you'd live in a tent under the bridge if you weren't house hacking, well then it might be more expensive for you, but most people would live in similarly expensive housing, only have nothing to show for it. 

It is more expensive to buy rental/investment properties vs a primary residence (primarily because of interest rates). 

Do you have cash reserves for capital expenses and improvements? 

In the one house that I still have some existing, it's only on an overhead light circuit with no insulation around it, and I minimize the load on the circuit by using only low voltage LED lights.