I was hoping to "house hack" my first property (preferably a small multi family; less that 5 units.. but a SFR would work as well).I only want to buy in an area that i would live in myself, i dont have high standards but i dont want to live somewhere of poor quality or in a dangerous area either. 

I've met with some very interesting and possibly dangerous situations. 

I believe in going after impossible goals because like Michelangelo said: the great danger for most of us is not that we aim too high and we miss it, it’s that we aim too low and we reach it.

He seemed to know as much as I do about SDIRA & 401(k)s (Limited and dangerous "knowledge" ;-) He says he is on BP so I will forward this link to him.

Beware: this tendency carries the very real danger that we may come to believe we are living in a world that is very different than it actually is.

Then finding someone willing to lend 100% of your rehab and holding costs in second position - just not very likely and if they are willing, then you should not take the loan as you are playing with inexperience which is dangerous for both sides.That said, there are ways to fund 100% but it takes creativity, one heck of a good deal spread, and a borrower with, at minimum, some education in the arena along with some skill sets and serious savvy.

Such a dangerous position to be in at any time, especially when the cards start to fall.

Now, of course the danger is with low down payments you may be highly leveraged but you can always choose to put more money down or you can also buy value add and create some equity. 

Plenty of folks will tell you what you want to hear which feels great but is dangerous.

Taking action is obviously important but doing it blindly is VERY dangerous.