Previous home equity in the form is cash provides me with alternatives, including remaining a renter if that's what I decide to do.

Find another tenant and then let them know that you appreciate them applying but that you decided to accept another tenant.

the problem with a lease of land is if you decide not to buy you lose the work and expense you might have made for improvements. 

I've decided I'm replacing the PM, on other grounds but what I don't understand is the fact that our contract has no clause regarding no allowing the owner to have a set of keys. 

If you decide to accelerate depreciation via a cost seg it would first offset income from your other properties and if you have a net loss it will help offset other income on your return. 

I’m sure I’m forgetting about a few other small fix/upgrades. 5 years after owning the home we decided we needed a bigger house and sold it in ONE DAY (technically not even 24 hours) leaving us scrambling to find a new home, which was very stressful and not fun since we hadn’t even stated looking yet.

Anything I should know before deciding to purchase and install?

And so at the end of the one-year lease if the tenant moves out can a dude who slept on the couch for two weeks decide he wants to stay?

House hacking is especially a good choice for new Investors but if you are going this route, you must first decide where it is you want to live. 

Will the lender take into consideration potential rents when deciding the loan amount I qualify for?