I am planning to do a house hack on a property.

I turned the complex into independent living for 6 residents and we also started a in Home Care Agency, soon after that March of 2019 we got the approval to add another 4000sqft and 15 more beds a brand new wing onto the building in the plans the architect designed her very own beautiful room setup up just for her!!!

My wife and I are about to purchase our first property and have roughly $30-40k.My current plan or strategy:1.

If you plan to operate this product, you still need to have cash to bring to the table as well as enough liquidity for rehabbing (you can get reimbursed through draws, but you start out using your own liquid).

If you're set on investing out of state, I'd recommend reading this article by David Greene for starters: https://www.biggerpockets.com/blog/core-four-real-estate-tea...If possible, it's a good idea to visit the market you plan to invest in to familiarize yourself with the area and it's also a good way to network.

@Matthew Spiers, do you plan on keeping the property as a rental property or will you be selling it?

We own a primary residence and plan to stay here (house hacking is not for us), and have been saving scrupulously for the down payment of our first investment property, ideally a 2-4 unit multifamily. 

My game plan is to do a house hack as I have very little capital.

Yes you need a RE niche firm but tax prep without proactive year round tax planning is not very valuable.

I am planning to do a house hack on a property.