Quote from @Nilusha Jayasinghe: Hey all, I'm a smalltime investor currently living in a flat of a Chicago 2-flat while renting the other out, and also have a SFH rental in OH. 

buy a small multi and live in the smaller unit. 

Live in one unit - It's a great strategy when using a bank for financing as the down payment and interest rates are more favorable to owner occupants.  

First: Can you commit to living there for at least two years?

Currently I am working in partnership on a luxury Air Bnb property in the Philippines to familiarize myself in short-term rentals.I live in Cerritos, CA and am looking to invest into a multi-family home to house-hack in Orange County, CA to get started.I will need a residential agent and possibly a contractor.I look forward to learning and hopefully working with you all!

Short term rentals are legal when the host is living in the same apartment as the guests and there are no more than 2 guests staying with the host."

Smaller SFH = less maintenance , there are lots of single looking for a place to live .

Please see the rough numbers below :Tear down house price 350k,Construction cost 165 sqft * 2 build=627k too much for the land unless your exit is 3 million. don't reinvent the wheel. no single family home builder is paying 300k for land. that's miami florida prices where I live. we buy land 50k and under in Columbus Ohio. keep land at less than 10% of after built value.

Usually, this is a sign of stability and a preview of the types of people who live in the area. 

Just thank your deity that you don’t live in a rent controlled city/state.