@Tracy ScottLike @Wale Lawal alluded to ... the cost to buy a house-hacking property here in Colorado (or anywhere) are really no different than the costs of buying any property, regardless of your use.Upfront-- You've got down payment and closing costs (1-3% of loan amount). -- Inspection (maybe $500) and appraisal ($500-$1,000 depending on market) -- Any furnishings, if you plan to furnish it.

Do you need hard money or a conventional loan?

I initially put down 20% on a primary residence loan. 

I believe I have two options.Property Info:Purchase Price: $365,000Current Loan: $329,000Interest Rate: 5.7%Mortgage:$1900PMI:$130Insurance:$157Taxes: $320Current Rent Left: $1200 (Market $1400)Current Rent Right: Owner Occupy (Market $1800)1.

You gave them a notice of termination, which means you aren't renewing or extending their lease for another month.

So I’m thinking a home equity loan to build a very nice small rental?  

HELOC loan.

I have an opportunity to take over mortgage payments from a seller for their remaining mortgage where I would be on title, but not the loan.

It is also my understanding that several types of loan products including the VA loan and I forget the other one will not qualify if there is any sign of crumbling with the asbestos siding so you may be limiting yourself on the selling side of things if you do not go over it with vinyl.

Hi Choon,As @Andrew Kiel, mentioned, there are various costs involved other than the rehab, from closing, title, escrow, appraisal, lender's fee and carrying costs depending on if you are using a short-term loan.