One of the worlds most dangerous jobs, go figure.

I know a little bit about Aiken, just enough to be dangerous. 

If you look out the front windshield mostly and only occasionally look at the side view and rear view mirror, you will be able to steer your Investment Vehicle away from Danger and on to safer roads.BTW, what you are proposing which is to House Hack a multi-family or Commercial property is exactly what I did when I started out 21 years ago.For 21 years, the only certainty was that property values would INCREASE in NYC and other Large Metros that didn't have problems like Detroit.Why was it certain?

Near downtown can be good, but there are some dangers there. 

I'm closing on my first rental property this week and will open a new account to keep real estate accounting distinct from my personal accounts.

@Hobart King that is insane but I don't know what is normal in your area in CA where houses face little danger from wind, hail, flooding etc.

There is a critical point of distinction to be made about investing and personal living -- you want to live where it is best to live and invest where it is best to invest. 

Material participation plays a role in two distinct aspects of this rule for real estate professionals.

Withdraw 300K per year from the portfolio with no danger of running out of money ever.If you have 0-3M then maybe need to get more creative.

This is also dangerous as the market could (and probably will) change for the negative, thus draining your of your built-in equity position.