I know the house hacking concept but we rent in a really nice neighborhood and we have no plans for buying primary residence, I was want to start rentals buy and hold for passive income later refi and get the next one ans so on....

Sometimes it takes a few years to get even but a great place to visit! 

For whole 600sqft condo id put it on for rent at 1300-1400/m since there is laundry, and for each room id be pulling in 700-850/m (students could rent it probably as w other properties).What i dont understand after coming down from my Greenville property is how nice Bayonne is.

@Mathew Wray Combining two separate lots for development purposes does create plottage value, however, it may not be enough to overcome the fact that the tear down is going on the market and will likely be sold for a high dollar amount, and you have a nice house worth half a million dollars that would need to be torn down. 

Nice to have you aboard Robb.

I also make a pretty nice living with my W-2 job, but dont feel fulfilled working for shareholders and ungrateful clients. 

Do you visit the area you are buying in?

But the nice thing about that is, if you are a straight shooter and treat your sellers right,  others will come to you when they are ready to sell.

I relocated to Atlanta this month in hopes of jumpstarting my REI journey with my spouse.Our journey so far:This past January I visited Atlanta for a weekend, and met with a realtor to familiarize myself with the area(s) I saw potential in.

Also if I meet with a seller who calls me from my marketing and they have a perfectly nice home in a great neighborhood  the first thing I tell them is that they can get top dollar from the sale of their home with a realtor, and they most likely don't need to sell to me, because I will have to buy at a price where I can make money on the deal.