OK, yes house hacking means you are living there and renting additional rooms or units from under the same roof.

Also electrical system/panel/wiring may be seriously outdated.

I wouldn't do any renos or upgrades while they are occupying the unit-wait for a turn over. 

That is what I did to start investing and buy my first rental unit if you have any questions on different strategies or want to go over your thought process let me know I would be happy to answer any questions for you. 

Better be on the top of your screening game with studios/motel type units.

My name is Francisco, I'm really interested getting into Commercial Multi Family (5+ unit).

Bought a 1,000 sq ft rental unit about 4 years ago and put 20% ish down.

Because it is apartments they don't think I'm watching any particular unit, they just know I'm around.   

You say cast iron- rip all that out and replace NOT reline it will fail in 9 monthsMarketing and waiting carry costsContractor profit 10%Or are you handy enough to order everything and replace the electrical panel?

We've been dealing with vacancies in our student housing units.