It doesn't mean you should avoid this strategy, it should just be considered a good supplement to SEO, cold calls, letters, or whatever - not a replacement. 

Investment Info:

Single-family residence buy & hold investment in Holbrook.

Purchase price: $365,000

Cash invested: $20,000

An apartment in my primary residence.
Upgraded when purchased to comman...

Long term goal is supplemental passive income.

it really depends on if you have other income to supplement but lets say you decided to live off of your rental income and you decided that you were going to have minimal equity max debt on all your props then I think you look at OK what could be worse case during the GFC some markets saw 20 to 50% vacancy some saw 100 but most were 10 to 20% so take that figure and then decide if you need 6 months or one year.. this of course if you are solely dependent on your rental income for your income and have no other income from any other source.  

Only offer one month at a time, and tell them they need to find a supplemental job, etc. or consider moving to subsidized housing.  

Or, is this a great opportunity for me to meet investors and supplement some income while I'm at it?

I report my rental income as supplemental income on my personal return.

Maybe it can pay taxes, insurance, a fair rate for property management provided by the owner.. but it is maybe not so useful in supplementing all the anticipated lost rental income used for living. 

What they can and should offer you is good and qualified tenants, no matter voucher or market renters, who have escrowed funds such as last and security in the event that something does come up to supplement your potential loss. 

Complete house hacks may not always be possible, but heavy mortgage supplementation is definitely possible and worth shooting for, as tons of homes here have mother-in-law units (or Ohana units) on the property for great rental income.