I just want to know how to analyze like how to find out if the demand is high, how do you know if homes are selling fast, how to find out if demand for property in any area rising or falling or how to find out if a neighbourhood is hot or not, I've discussed with a lot of people and they recommend me to use city-data.com which is an excellent website to know about the market but even in that website I don't know what to look for like if the population is 20000 in a city is it good or not or what it should be or what should I type in google to know about a specific market or place?

I am not specifically looking for my first investment to be owner occupied, but my family is expanding, and house hacking would be an excellent option for lowering my expenses as a first time home buyer. 

The tenant is an artist's collaborative studio, incredible contributors to the City and arts community, but consistently late with the rent and in arrears.

With all that prep work, you are already well-positioned to excel on your new journey.

Otherwise, you make excellent points.

Do you have a excel spreadsheet formula that you use?

This property was a -good- deal if the Roof and the AC needed replacement, and an -excellent- deal if they could be repaired instead.Don’t be afraid to pass on a property that doesn’t work for your goals or the risk is too big.

It's a bit art and a bit science but the real truth is it's a guessing game.1. 

I don't give a rat's what anyone else thinks about me or my choices in life or business.An excellent book to help you understand this is called, "How to Lose Friends and Infuriate People," by Jonar Nadar.

I agree with both @Tim Swierczek and @Adam Tafel, they've given excellent advice.