Listening to one of the BP podcast a guy mentioned he used it to purchase a property.

I seem to recall there was stuff like a 24 hour on site manager required at all complexes (crazy and would put most small folks out of business) and a no income source rule that would force all but the higher end rentals into Section 8 whether they even understood it or were aiming for it (classic big penalty, stigma and lawsuit for violations).....I mentioned the small time folks may not all be interested in Section 8 or set up to participate and handle that market.Oddly, the assembly's goal was more housing, better managed housing, more affordable housing.

Well the one I mentioned, I haven’t met yet I just know his CPA (who happens to be mine too).

I think your goals are attainable, but with limited capital, you will likely need a few partners as you mentioned.

@Austin Davis you mentioned that you posted the deal on the marketplace.

Well since you mentioned coffee, there is a meetup in West LA on the second Saturday of every month, hosted by @Jeff Greenberg.

If the rents you mentioned are actual current rents for the building in question then I am guessing the apts are outdated and need some work and possibly the building suffers from deferred maintenance.

However, as other people have mentioned, househacking and having neighbors below/above/in the next room will definitely take some getting used to and can strain relationships!

@Craig Bellot ThisHere is the 10% for the three categories you mentioned. 

I agree with everything that's been mentioned.