I realize that cashflow in LA is tough, and I don't have enough capital to do a real BRRR, so I am looking to start by house hacking.

I'm reading this as, it's important to find the balance between having as little invested in each property as possible - providing you with both the opportunity to realize the cash flow benefits AND fund additional properties - while not going crazy by stretching yourself and over leveraging.If there's anything else worth keeping in mind please let me know.

yes i realize NY is not a Landlord friendly state but ive got  turnkey out of state property already and i like to try something closer to home and something not " turnkey".

Also, I realize that a professional inspection can cost a few hundred dollars.

What they don’t realize is there is a large number of other neighborhoods that are mostly middle class owners and renters.I also firmly believe in the potential for vacation rentals in South Lake Tahoe.

I see properties on Roofstock for example and then realize I also need a realtor to share rentals and comps and I have yet connect with an OOS professional. 

I didn't realize realize getting water was going to be so much fun haha.

It sounds like you've been renting it for awhile but only recently realized your cash flow is negative.

(Accouting for vacancy, and repairs bit considering it's a new construction I'd don't think the roof will go out in a year).My dilemma is that I feel the price is on the high side and I also realize I have an appraisal contingency. 

I do realize the risk, but I have a large savings that shadows any HELOC spending I do.