Our first goal is to invest in a multi family and house hack for at least a year, probably using FHA loan if possible.What better way to really get involved and committed than having to actually live with/in my first investment.

My husband Shane and I have been pretty involved in real estate here in Southern WI for the last 7-8 years. 

Some of the most important factors in REI that will help you choose your path are your comfort level with debt and general risk tolerance and your available time. 

Assuming I'm reading the BP calculator output correctly ( I haven't used their spreadsheet), the cashflow and COCR look unattractively low, for taking the risk of investing from across the country.I would also completely ignore the city assessed value. 

If I were to put the money in an investment such as a stock that I would expect to earn me say 6-8% (obv still risk to lose the principal), it is slightly different then my scenario where the investment such as the money for a refinance is gone right away and therefor would have to like you said "pay myself" back the principal first before anything beyond would be considered profit and therefore would obv have to also account for the time value of money since it would take even 1.5 years or so with a refi rate of $2800. 

Our first goal is to invest in a multi family and house hack for at least a year, probably using FHA loan if possible.What better way to really get involved and committed than having to actually live with/in my first investment.

Been involved in four successful residential deals over the last few years.

I'm looking to start slow and involve my college student son.I'm looking to start by renting out my current home and buying a rental after I move.Thanks for having me!

When people know that you are successful and a good risk, that is when they will lend money to you.

ARM's can make sense if you're a flipper where there is already a very short holding period and a significant holding risk because you're betting on the market being there when you sell.