.- They can rent by the room and self-manage to produce day 1 cash flow.- Many of these HCOL areas also have strict limitations on AirBnB or short-term rentals... that do not apply to owner-occupants - thus allowing for extreme cashflow potential for house-hackers.

The #1 reason why landlords fail - according to the American Apartment Owners' Assn - is failure to manage to the lease. 

Meet with financial advisers/wealth managers and see what other options other than real estate there are and how to best allocate / diversify. ie have you maxed out your TFSA?

If it's zero, put in a zero, line through it, or something.If you don't use a manager, line through the entire clause and then you and the renter should initial the beginning and end of the line as proof it was agreed to.NHG  (D) As used in this Lease, Landlord’s “Authorized Management Agent” means ______________________________, address:___________________________,who is also authorized to act on behalf of Owner for the purpose of Service of Process and accepting Notices  NHGYes, you would check the line next to the form(s) of payment you accept.

All told, cash flow will be a function of your down payment and your management of the property.FL tourism continues to flourish. 

However, after renovations, the numbers improve significantly, and the challenge lies in bridging the gap between current and future performance.Expenses typically run at a 30-50% expense ratio for mobile home parks, depending on management and infrastructure conditions.

Do you think that is fair - to be forced to pay for your manager's mistake?

Drunk guests would make me nervous.I also manage short term rentals, but don't do weddings.

I'm considering partnering with a non-profit that would manage the sober-living program; with me just providing the house passively for rent on a per bed basis. 

Even better if you can work for a property manager or real estate compnay.