Betting in appreciation is risky, but who knows, higher risk might reap higher reward.

If you have to take a hit up front on cash flow to reap a reward once improvements are done, it's not the end of the world.

@Charles Williams seller financing changes the deal to some degree and even more so if you simply JV with the owner and have them contribute the property at X value and split the rewards on the back end.

It's about risk management and weighing risk vs. reward.  

Inflation will reward you with appreciation over the long term, but you can not live off appreciation in a market down turn.4.  

This includes knowing about property trends, rental rates, and demand in different neighborhoods.Risk Management: While the potential rewards are appealing, it's important to be aware of the risks involved.

Trying to dig for a lower price does not yield a favorable risk/reward curve. 

Renovating a cabin property for vacationing and short-term rentals can be a rewarding experience.

There will always be some risk, but that is why there is reward.

However, in today's market, it will take an amazing deal or two and a lot of hard work to reap the early rewards of house hacking.House hacking today looks different from when I started, but it doesn't mean that it's not worthwhile.