Since that time we have been selling off our SFRs in favor of multi family investing.I would encourage you to check out Lifestyles Unlimited we have been members since 2011 and I know of no better place to get around successful like minded people.  

., my housing payment would be $2000/month.While living there, this seems fine, since that is about what my housing payment is now (renting), and at least I would be building equity, gaining landlord experience and getting in the game/learning by doing.Worried about longer -term exit strategy, though. 

If it's an SFR you could technically get a HomeStyle reno loan on it, but that would be a lot of closing costs and other nonsense just for an extra $5k.I'd suggest credit cards or other unsecured borrowed funds -- get it done quick and sell it quick to pay it off. 2nd best might be some sort of equity deal with another investor who has $5k to invest. 

I know that I will only occupy a unit for a limited time, and the house-hack is just a way to get more favorable rates, better loan terms, and elminate, or severely decrease my housing costs today.I am sure there is someone on BP who has built some wild spreadsheet, or other model where you can actually calculate the value of no mortgage, but for me, as long as I am covering most, or all of my PITI while I am occupying a unit, and the deal works as a stand-alone investment deal, then I am done running numbers. 

Raise the rents to market values and rehab to force equity and sell in 2 years to avoid capital gains.

I highly recommend this model for getting started to reduce your living expenses, save more, and start building equity.

@Jaysen MedhurstWhat if i have the capital ready but want the ease of having no mortage but liquid equity ready?

You can easily double your cashflow, all your equity in your current places isn't working for you as hard as it should.

Including ANDRecord the purchase, closing, settlement, loan costAny improvements DepreciationWhere did you get the money from to pay for it At the end what your equity isAND it is pretty simple as long as you track your each and every penny:money inmoney outthe money you owemoney someone owes you= equityOnly possible if you track all on Accrual Basis. 

I have gained substantial equity but don't want to pay capital gains and have been in the home for a short time (about a year).