Most investors don't and it is bothersome.This is a people business, so take care of the people who take care of you.  

@Nicholas A.House Hacking a primary residence is the best way to generate wealth. 

In short, I purchased my primary residence in 2017.

This means that your permanent residence is excluded (except if you are doing a house hack in which the part that is rented out is eligible for cost segregation).

I think every market and every person have their own reasons, but here are some thoughts from a property manager.Pros for self managing / cons of PM- Keep all the revenue- You have 100% control- You own listing, photos, etc- Nobody will ever care about your investment as much as you do.Cons for self managing/ Pros for property management- This is a 24h / 7days a week business and I imagine you have at least somewhat of a life I imagine. 

If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion? 

Take advantage of the Capital Gain deduction of $250,000 in primary residence per “spouse”.   2.  

If they want their money back fast like a flip then let them flip it and you buy it as a primary residence with a conventional or fha mortgage.

I also don’t like renting really nicely rehabbed properties, most renters don’t take care of properties as well as we would hope.

Investment Info:Single-family residence fix & flip investment.