That can work if you live 5 minutes away. 3 hours, not so much.

I live in Northern NJ and as I mentioned the barrier of entry for me in NJ is too high.

I have family in Raleigh, wife and I can't afford where we live in LA, CA so we're looking for an investment property elsewhere to get into some RE while we keep renting in CA, and Raleigh has that familial connection--who knows, maybe we'll move there but assuming we won't for this decision. 

HOA fees are rough for borrowing on investment properties in this interest rate environment too.

It's tougher to get cash flow upon move out these days but if you're patient, willing to do some work, or live in lower cost/fringe areas you can make it happen or at minimum put a serious dent in your housing expense which is still a win in my opinion compared to renting or buying just a primary home.Also if you're a bit short on cash, make getting a seller credit part of your financing strategy.

The best I know of (and we can do this) is 15% down, but even then in this high interest rate, high tax, high insurance environment it's really hard to get a property to cash-flow positively without putting a lot more down.

@Justin R. we have live reports for our owner clients on their portal that cover this.

Hey everyone, I live in Brooklyn, NY and I am looking to house hack.

All the homes I buy are in f'd up areas that I would never live in.

Look for a community of active owners who are determined to curate a great place to live.