it is more difficult than advertised, and you will likely be IN-vesting - putting money INTO the property - for several years, perhaps even 5-10, before you see a dollar in 'cash flow.'

And I believe that some states you may not have to be licensed to sell commercial real estate.Sorry I couldn't be more help. 

It is insane and they make the process extremely difficult.As @Paul Merriwether stated; Oakland acknowledges rent increases above CPI is possible under the section of 'fair return' here: https://www.oaklandca.gov/resources/learn-more-about-allowab...

Since this post didn't get any replies, I'm going to reply with what I ended up doing incase it helps anyone else later.

Do you have a specific step where you're seeking more detail or advice?

If their offer is the highest/best, you are being paid, or at least offered, that much more to work with them.

Any insight helps. thank you!

If your goal for house hacking is not to cashflow immediately it may make sense if you're paying a significantly less amount in mortgage and expenses on your house hack because the other side is effectively helping pay that amount.

Or would I be wiser to wait until I have a 9-5 post college and just enjoy these years and hope market conditions become more favorable?

Some of the laws in NY changed recently and you are required to obtain a certificate of no harassment, No permits will be issued until it is resolved.You will need to work with the current tenants for this certificate to be approved which can take up to a year or more, Definitely something big to consider.