Initially, we planned on house-hacking a multifamily property.

It's not a hotel, the houses won't be perfect (unless it's new construction or luxury). 

Try playing around with the “Find Deals” tool and go to the advanced settings tab.

I was going to stay a couple nights with my family there over fall break and the nightly rates seem really crazy, between $300 and $900 for a typical rental house.

The recent settlement involving the National Association of Realtors (NAR) is set to have a significant impact on the real estate industry, including for real estate investors.

I am in the process of buying a $170K house.

I've seen a people make this work successfully in Tulsa, you'd just need to be sure your goals align and the contract is set up correctly.Out of curiosity, what interested you in rent-to-own? 

It’ll position you to have more cash available for future investments.In terms of setting up a real estate business, forming an LLC could provide liability protection and allow you to keep personal and business finances separate.

This would significantly help my ability to afford the market from a house hack standpoint, but I want to understand what those tax advantages are renting out my basement as a business rental.

Happy house hunting.