Desirable location in a very sought after school district and the property has 4 bedrooms which is ideal for families with school aged kids.

We do have 2 small kids so the vicinity to the school is important.

So I don't think there is much value to exploring that angle.That said, it happens and the question is what is your risk tolerance.

The dream of someday leaving the crime infested, 2 hour traffic to get 30 miles to work life and raising kids in small towns with little league baseball and riding through town on a bike could be lost, so the decided now is the day. 

Now I'm exploring options to pull value out for more investments!

I started purchasing small multifamily in Columbus, Ohio over 4 years ago and have done extremely well.I recommend house hacking as many times as possible before you get a wife and kids.

This does help give me clarity as we explore our options.

You may want to explore selling the property a little earlier with your accountant. 

If we bought a house and a mother and her two kids are in it and we were never given a lease agreement or deposit how do we get them out and get their stuff out?

Explore your options here if it is really a great deal (which is not easy to find these days).