Your daily life will be much different when living with other people.Personally, I think if you have a wife and kids, and can afford a $790,000 House, house-hacking a SFH is out of the question.I think the story would be different if you had a multi-unit house and there is clear separation between you and the tenants.If you want to bring taxes into the question, you have to report rental income regardless if you rent the whole house or a part of it.Your are entitled to deductions to offset the rental income.Most likely, won't pay tax since the depreciation on a high cost property would eat most of the income.Best of luck.

At the time, it was a difficult decision, since she was a family friend, but I kept hearing @David Green in the back of my head saying, “Are you running a business or not?”

There are  a couple variables that ..freak me out....1) Out of state investing...and Yes I have David Greens book..

If I put down 20% on the condo I would be able to ride out any financial storms that comes my way but, in putting 20% down I would eat up a lot my investment capital and have to start saving money again for my next purchase.

I know that all contractors have a fudge factor in there somewhere to either pad their bottom line or cover contingencies, and I'm OK with the contractor making a few extra bucks if the project goes as planned - but the flip side is that they eat additional work or time on their dime, not mine.

Planning on charging 100% for this repair cost, and eating the cost for refinishing the rest of the floors with normal wear and tear.8.  

On the flip side I buy my clothes at thrift stores, I eat cup of noodles, cereal, and peanut butter and jelly and I nearly own my car (I will have paid it off in 2.5 years because I bought something I could afford and have been making large payments on it as quick as possible.

Probably none of them.I get the concept of eating dirt now for a bigger payday later but it's not an automatic obligation for agents do that.

The tenant might try to use that later on for negotiations.You can have all the hard conversations you want but when the rubber meets the road if it is pay the rent, have utilities, or watch the kids eat the latter 2 take precedence to a lot of people.

A double closing can really eat into your margins.