I'm hoping there are a couple people that are in my position or that have advice on moving forward.

@Michael Cavitolo$50k won't get you into commercial (5+) since they cost more and financing is based on cap rate, and required large cash holdings.On the positive side, might be able to get in multi's (2-4), depending on the area.

I plan to hack a 3 unit property with numbers that create positive cashflow and eliminate my living expenses.So if the property generates 300 per month cash flow and now I'm not paying rent of 1500 any longer, is my positive cashflow now 1800 on my first deal?

We were all in your position at one point or another so I look forward to seeing your questions!

I'm not completely positive of the rent on the updated unit (def will be at least $650 but Im hopeful for $700.  

If all your questions are answered positively, I would still have a contingency clause in the purchase agreement that would allow you to "walk away" without any penalty that is financial and before I closed I would hire a professional and experienced Inspector that would make you aware of any possible negative/unexpected things that he discovered.I would not buy a single family house for rental unless it was used as a "house hacking" loan that I felt pretty good about qualifying for it.There is only a couple reasons that could make it OK to purchase. 

On any rental property I would expect it to show a positive cash flow  on day one. 

I am a active listener to the PODcast and am finally in a position to start investing.

So if the 2nd lien holder redeems, it's good for you because you have preserved your current equity position (not increased the debt via advance), removed the lien from the property, and the taxes have been paid.  

I also have little money saved, since I have been living on a SEAsia salary.