The $1200 you are referring to is Gross Rent with owner paying ALL utilities - which is financial suicide with S8 tenants. 

Asset protection is obviously important for everyone.

Currently, I am deeply immersed in the world of finance, pursuing my Chartered Financial Analyst (CFA) designation.

Throughout this journey I hope to meet a mentor(s) who can help me with my vision to own numerous multifamily rentals to create cash flow, financial freedom, and creating a legacy for my family.

In order to get pre approved all the lender looks at is your credit, assets, properties performance and you have to own a property as primary or investment you cannot use DSCR loan product if your a first time homeowner. 

I have not house-hacked, so take this with a grain of salt, but I am thinking about it from the financial perspective, and it's analogous to owning a two- or three-family house, where you live in one of the units and rent out the others.  

The IRS requires that you separate the value of the land as land is a non-depreciable asset, thus you are not able to receive a depreciation deduction for the value attributable to the land.

Both of these metrics are used to measure, or determine risk when financing commercial property or making a commercial mortgage loan.LTVThe loan-to-value ratio, or LTV, is a measure of the relationship between the loan amount and the value of the commercial real estate (collateral).Calculating the LTV helps commercial real estate lenders determine both the qualification of a borrower and the proposed terms of the debt being considered.LTV = Loan Amount / Appraised ValueBe sure to understand that the LTV will be calculated off of the appraised (market) value of the asset.

From the accountants' written report, names redacted:"Tax Filing Corrections:"After consulting with [[the property's]] Income Tax Accountant, it was decided that corrections to the depreciation, assets, liabilities, and capital allocation will be made when [[the property]] files its 2023 income tax return.

Let's say one just wanted to live in a house and start a family, and then what's the point of owning from financial perspective?