Don’t jump into a 6 figure renovation - you don’t have the budget for that anyway, but just start simple to get your feet wet.  

I am the sole owner of our house.

If I buy a house for 150k, put 20k into it, and it's worth 220k - I've just picked up 50k equity on paper.

If it's low-income housing, it typically involves higher risk, but if you have good, trustworthy tenants, the hassle of changing locks might not be worthwhile.

We have renovated the house we live in, and we put way more into it than we should have, because we didn't think we would house-hack it, and we made it customized to us. 

People even rent out basement apartments in their own house.

Plus every time the house sells you start that amortization schedule over and you're on the "winning" side of the payments from the new owner so to speak.Obviously this only works when you've got low payments yourself or you manage to increase the value of the home significantly, but is there anything else I should be looking out for here? 

This assumes the market rent for the unit I will be moving into.My goals from entering real estate are 1. add diversification in my investments (right now heavily invested in stocks) and 2. house hack, so that tenants pay part of the mortgageIn my current market, I have two options: a. buy older houses, renovate, bring the rent to market --> this will cashflow, but needs a lot of time investment which I don't haveb. buy turnkey properties: --> renovated and already occupied by tenants but may not be cash flow positive.I found a property that's type B.

Also if you have not yet, I would recommend that you start by house hacking a 2-4 unit first

Density (people per sq. mile) 118 Households 1,144 Households With Basements 11 1%Renter Occupied 344 30% Multi Family 388 34% Average Household Income $81,235 Median Household Income $74,682 Per Capita Income $27,841 Median House Value $186,500 Household Size 2.9