House hacking a multi family for that amount will be tough, but it's totally possible with a SFH or townhouse.There are some awesome strategic areas that will cash flow with a house hack + are nice appreciation plays.

What do you use for the storage of building materials on the job site?

I personally like the exit plan options and alternate job creating industries of college/mid sized towns as long as the regulatory environment is favorable. 

Depending on factors such as who controls the work, how they are paid (ie. by the job vs hourly/daily), etc.

It's probably a really good market for flipping since you can still pick up stuff cheaper and once done up nicely and properly marketed you can sell pretty darn well.

We both work remotely and are curious about how long we can stay at the rental before it becomes an issue, wether thats state tax implications or perhaps when our jobs should be notified that were working in WA vs OR?

@Jason Carter I owned two B&Bs for years which provided a nice lifestyle and loads of skills none of which were transferable to a real life job situation.

Can you increase your personal income with a new job? 

The property is nice but the house layout is not ideal for a rental.

My biggest fear is losing a lot of money, as I'm still working a day job and living in an apartment.