I think mid-term rentals are a great strategy for a house hack, if you're in a good mid-term rental market.

I do think focusing in on one path and one goal will help me succeed.

Quote from @Jacob Zivanovich: Application screening sites like TransUnion MySmartMove include an online application.

We do want to get the appropriate permit but I am thinking that will take a lot more time and additional expenses to have it all in order and we need to be able to refinance it since we are purchasing cash (we are having a hard time with a lender which we initially wanted to do a rental 30 year loan, but not sure if there will denied due to this non permitted alterations to the house). 

Just think about the worst damage a tenant can cause, such being liable for setting your rental house on fire or burning down your rental house and the neighbor's house, etc.

You can't go off of the cost estimate on permits and even beyond that, design, site work and a number of other factors will play a significant role in costs.

I can never know for sure if the pipes or wiring was replaced (my biggest concern), I don't think an inspector can actually tell as well since you have to tear down the entire house.

I'm sure there are a ton of things I'm not asking or thinking of but would appreciate any feedback. 

I don't think cap rate for residential RE is necessarily the best metric, but I try and achieve a 10% minimum gross rent to purchase price figure, so a $300K property I am hoping to achieve a $30K/month gross income goal.

I just finished listening to Norada Real Estate Investments' @Marco Santarelli discuss out-of-state investing at the Think Realty conference in Baltimore.