On the other hand if the fund has not set aside adequate liquid reserves to meet obligations, then I think it is probably only a matter of time before they are going to have a problem meeting them.

On the active duty/reserve bit you said, try and get clarification.

If you had the down payment, have you done the math for the expected rent, PITI and reserves to see if it would even be a viable investment strategy? 

The section continues, “… Bed and Breakfast establishments, boarding homes, dormitories or multiple units, or any other similar lodging arrangements are specifically prohibited.”Section 3 – Commercial Use – states, “…no part of a Lot or Dwelling shall be used or caused to be used or allowed or authorized in any way, directly or indirectly, for any business, commercial, manufacturing, mercantile, storing, vending, or other such nonresidential purposes…”.

You also want to have reserve funds available to weather these hard times.

I'm now looking to house hack in Dallas or the surrounding areas (likely Arlington) but am a bit stuck on how to run the numbers.When calculating cash flow on the my duplex in Indiana I took into account PITI, vacancy reserves, maintenance and repairs reserves and utilities to get down to my net cash flow amount.When running the same calculations using 5% down on the house hack, I find myself quite a bit in the negative.

You need reserves. 

I gone to auctions where this is not the case and was notified later my bid did not meet the reserve price and rejected.

House hacking would be the best option for this area though (almost only really viable option for investing without large cash reserves, unless you flipping).Big Bear Airbnb strategy is speculative right now with most Airbnbs up there not preforming well at the present, unless you have a lot of experience.

For the home loan, if assuming it isn’t an option with your current income, you might consider using some of the cabin sale proceeds as reserves or paying down debt to improve your financial standing.