The prices in AB will increase but will almost always be cheaper than Vancouver and Toronto. 

The risk of high turnover, theft, vandalism, squatters, and all other negatives will increase.

I think the key is to do these during slow or at least stable times and not during major market shifting factors like the interest rates increasing rapidly.  

This property should collect at least 1800 - 2100 a month in rent.

As far as I know whatever the rent is for that unit will remain the same and small increases of 1% or so a year are common.

I'm getting my finances in order now so I can buy the house that I've been renting from my in laws and will have instant equity.

For an STR, the lender, assuming they are STR friendly, would likely use AirDNA projections, historicals from the seller (if they exist), or an STR 1007 market rent schedule to qualify the rents.

I all fairness to you to have placed my auto draft for my rent on hold until I get information about possible residual health problems.

I’d love to cut the cost of our rent and maybe have a profit on top.My questions are: How does the market look for House Hacks at this time?

The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying.