House Hacking is a concept associated with talking advantage of your primary residence, which gives you access to low/no money down loans, by renting out rooms; or, in the case of multifamily, renting out the other units and living essentially for free. 

Once you get a grasp on one concept in real estate it isn't too hard to learn the next.

But first you need to understand the concept to know the answers. 

The concepts of yellow letters and etiquette are totally opposed.

I refer to it as a guarantor but same concept. 

The ideas and concepts that that entails are vast and many.  

Perhaps because you come with experience, but I would highly recommend you read it as it is so comprehensive that it may introduce concepts of strategies you don't know and then you can dig deeper in the forums, blogs, etc.Best wishes in your endeavors.

I've received some information regarding it and was curious of the legality of the concept?

Frank I like the concept, but the only things that are jumping to my mind are a $ or a house pic, Im not sure that I could generate enough interest with either of those ideas. 

My question is… I understand the concept of making your profit when you buy, but how realistic is it really for a new investor to find a 10% - 40% off property to buy?