I do know some people suggest having multi checking accounts for long rental properties.

My two favorite loan options for getting started are the FHA 203k or the Fannie May Home Style. 

In other words, an IRR calculation.Have you ever considered doing lease options?

If you can buy with 20 percent an hour away, as you said, that seems like the best option if the finances and numbers work for you.

I currently broker LIHTC multi-family for a large firm coast to coast and am also interested in MF in the Arizona submarkets as well, and will eventually invest on that scale - I just figure breaking into the state through SFH flips may be a more risk adverse way to understand the pros and cons to phoenix submarkets.

(It’s multi-family but not entirely stabilized.)Rehab Costs: How much should I budget for bringing vacant units to market-ready condition?

I don't see it as an issue but many still do, at least in my small town where the majority of renters are elderly people looking for low maintenance housing options.

If house hacking isn't the best option for me, how would you recommend starting out to build up some investments.

Quote from @Jaycee Greene: Hey Jaycee, we currently lend on several loan types: Fix & Flip up to 90% LTP, BRRRR, New Construction, Bridge Loans, & Multi-Family.For myself personally, I'm looking in the Orlando, Philadelphia, and Southern NJ markets, 1-4 units.

This works best when the seller is motivated and open to flexible terms.4.BRRRR Strategy (Buy, Rehab, Rent, Refinance, Repeat)– If you find the right undervalued property, you can finance the rehab with short-term funding and then refinance into a long-term loan, pulling most or all of your money back out.5.House Hacking– If you’re open to living in your investment, you can use an FHA loan (as low as 3.5% down)to buy a multi-unit, live in one unit, and rent out the others.