On $200k @ 2.875% over 15 years, payment one consists of 35% interest and 65% towards paying down the balance. 

Is that true in NYC & Long Island?

My days consists of combing through the MLS looking for deals and reaching out to agents, other investors and/or wholesalers to try and acquire property.

Look for consistency and well kept homes.In Silicon Valley, HOA documents are almost always part of the disclosure packet.

Keep consistent. 

I don't think I want to work for a firm but I was told that if I had my real estate license that I would need to be sponsored by one in order to sell in Rhode Island. 

Is Grandma maybe consistently out at some time so she is not there when this is happening?  

They make good money and consistent.

For financing a majority of the time you'll need a consistent w2 job, decent income and a down payment.

I was under the impression that "House Hacking" was more or less just living in a multi family (or I guess single family with roommates) where the owner either lives for free or actually makes money while owning a house as opposed to the more traditional home-ownership that consists of one family living in one house and killing themselves to pay their mortgage.