So initially I was considering 'house hacking' a MFR but seems that within the perimeter of Atlanta the pickens are slim.

Given the odds for finding more properties is fairly slim, possible but slim, would it make more sense to hang on to it and rent it out than to flip it?

I could carry that plus the current home if I had to, thus my consideration of keeping the first as a rental/appreciation property.But that rent to value on the current house is slim.

These days, it's slim pickings. 

Of course the pickings have been slim to find a move in ready or light rehab MFR under 120kzHowever, I have found some and placed bids on a total of 5 since December 2016 when I was approved.. my challenge I want to know how to over come is getting my offer accepted when multiple offers have been submitted?

You don't ever want to be running such a slim margin that you get burnt - this can force a person to walk away from a rehab.I hope my perspective did not sound condescending.  

If slim, what is the typical down payment?

It was 1 in 500 years event, river was rEconfigured, narrow bridge redesigend and there is a slim chance for that to happen again. 

Seems that since December, the Pickens have been slim on the MLS..

It's slim pickings and wholesalers are pumping up the numbers to try and sucker in dumb investors.You could always cut out the middle man and try to find your own deals!