House Hacking:House hacking involves purchasing a multifamily property, such as a duplex or triplex, and living in one unit while renting out the others.

Welcome to bigger pockets we to live in Canada and do short term rentals.We have ours in the US.

It was previously a STVR, in fact the previous owner lives next door.

First off, you need to live closer to work kill that 3 hour commute.

I live in FL and do all OOS, 

Is the property in a growing area with renters fighting to live there?

The property is nice enough and in a good enough location that I would be comfortable living there for that amount of time, but I am ultimately looking to make money on this deal. 

I live right between Tomball and Spring, TX.

@Jennifer TaylorSmall world, I live in Greenville SC also and invest in Multifamily properties via syndication.We do cost segregation on all our deals and typically we find an investor gets depreciation equal to 35% to 40% of the amount invested.So $300,000 invested might generate $100,000 to $120,000 in depreciation.The big question is this depreciation loss is considered a passive loss and generally can only be used to offset passive income.You need to find out whether withdrawal from an IRA is considered passive income.You need to find out can the depreciation be used to offset the income from early withdrawal?

It's also recommended to talk to lenders about any potential impacts on financing or loan terms when forming an LLC.A revocable living trust can provide benefits for estate planning and asset management, but it may not offer the same level of liability protection.