There was roughly 3 feet of clothes, trash, etc. piled in the entire house when we purchased it.

Is it a good idea to form an LLC to buy your first house hack?

A lot of those older houses have corroded cast iron or galvanized pipes.Asbestos - This was use in many house products all the way back to the 30s.Lead-based paint - This was used up until 1977.  

I got the current owners (person who is selling me the property) blessing to post the house for rent right now with a move in date of August 1st if I wanted to. 

Don't just assume lowest downpayment, next house.

I was wondering if buying a long term rental property with tenants already in place in a market that is up 20% yoy is a good investement or not. the rough numbers ive been running seem to have a decent cap rate but the house is about 15k more than the zipcode average. 

Quote from @Joshua Lee: I've read about house hacking the BRRRR method, FHA loans, etc..

Overextending Financially: Stick to your budget to avoid becoming house poor.2.

That $50K rehab should be adding at least $50K in value you to house, but let's say the market is really bad and the rehab you did wasn't so much value add.

Rents in the area are anywhere from $1k-$1300 a month.My plan was to get a hard money loan to get it going and fixed up and ready for tenants, then within about 6-7 months refinance the home with a traditional lender, then sit with that home for awhile until I get fully comfortable with the one house.