Either method can work, my initial thought is that house hacking would reduce/eliminate your house expenses so that's a big chunk of savings that you can put toward flipping. 

Our new President has proposed that capital gains be taxed at ordinary income rates if your taxable income is over $400,000, so, in certain situations, it might be better to incur a capital gain now (before the law changes) than later (ie, when you eventually sell the replacement property).Much further down in the likelihood of actually happening, President Biden also backs eliminating like-kind exchanges, lowering the estate tax exemption, and taxing untaxed appreciation upon death.https://www.forbes.com/sites/r...https://www.natlawreview.com/a...All of this is part of your consideration.

Hi Christian, installing a french drain w/sump pump is your best bet to completely eliminate the issue.We used B-Dry in one of our properties and worked great.https://bdryboston.com/Good luck!

Making it a rental overall eliminates that problem down the road.

You might find by doing so you discover an area of interest, and can eliminate certain books by default.

Will Biden eliminate the 'Step up' policy for inherited assets?

Put the 20% down or take the 20% and Reno then refi to eliminate PMI? 

That has eliminated 99% of all applicants that don't meet the criteria prior to them even seeing the unit, which saves me a ton of time.

Eliminate the devils, acquire friends. --- Wishing you much success!

There are very complex tax strategies surrounding the deferral of capital gains tax, especially if 1031 Exchanges are reformed or eliminated.