1) The smartest first step and how do you narrow it down to your specialty-is knowing your own strengths and weaknesses regarding different real estate investment types, and styles, and strategies.

Plus the more traditional styles that developed over time, such as a side-by-side rambler duplex or stacked (shoebox) 4-plex. 

Simple ….for every $100,000 increase in price point the harder it gets to achieve that additional $1,000 in monthly rent.

Or, the LLC can do the exchange and the members can achieve their goals from within the partnership agreement.Happy to chat if you’d like.

For instance, you'll learn about what TYPE of property does, and does not work for your house hacking needs, while also teaching you a lot about your local rental market, tenant selection & management. ...you might discover that you're completely fine with having two tenants at your HH, but three is just too many...or maybe you'll discover that certain floorplan arrangements do (or don't) work for your style of househacking...I can almost guarantee you'll learn SOMETHING that will help make your next property even more of a househacking success!

What is your design style?  

Do you have a family member or friend that's achieved what you want to achieve?

With $50k, you are going to be able to afford a $200K property MAX (Probably more like $165k based on 70% LTV).You say you're looking for a good market AND a good return AND you want multifamily... but unfortunately you're not going to achieve both good market and good return with a $200k budget.I say you either keep saving if you want to get into a good market and buy multifamily. 

With a fourplex you should be able to achieve cash flow even with the current rates - in addition, even if you took on a mortgage on a rental property in the current market, you will still be able to refinance in the near future when rates come down - I would not pass up an opportunity that makes sense as an Invesment just b/c of heightened rates. 

As you achieve greater success (financially), you will recognize managing STRs requires certain sacrifices and paying for a STR manager could be worth it.