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.

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

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. 

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

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

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.

Does that automatically disqualify them from being good tenants that would pay the rent on time & not destroy the house?

The house was out of state.