Travel is mine, I wanna see the world, meet people, and experience life outside my comfort zone. 

I just want to make sure that we provide the tenants with adequate notice..PS.

Providing the cash flow will support the loan payments.

Finding good renters is going to be every house hackers biggest concern.Since you are a private landlord, you can set you application guidelines as strict (within reason) as you need to feel comfortable.

If your wife is comfortable living close to other tenants you can get some low down payment loans and have the tenants cover most if not all of the mortgage. 

I always have tenants provide me with an emergency contact.

Remember with every rental purchased you are planting seeds for a tree that will mature to provide fruit forever.

First, as Tanner suggested, engage a general contractor to assess the property and provide a detailed rehab estimate.

Please note, based on the numbers provided you will not be cash flowing. 154k loan amount - 30Y fixed  4k in annual taxes & Insurance 7.75% Rate Monthly PITI Payment = $1,436.60Your estimated rental income is only 1k-1.4k per month.

@Drew Sygit I noticed you provide property management services.