I didnt know about the term "House Hacking" till then.. but I did know that financially it made since for me to live on my own with an extremely low mortgage payment while building equity. 

Low cost to buy and currently no rent control.Good luck!

I wish someone would have asked me these questions when I purchased my property with very low rents.

Inventory has been low recently, so definitely have your ducks in a row when you start writing offers.

It seems low, but I'm not familiar with the rates in that area. 5) What's the $500/month in Misc. expenses for?

Not only the equation, but programming that equation into the system so it adjusts the starting temperature according to the current gas and electric rates.)Before doing any of that, I'd make sure the low-hanging fruit has already been picked- LED lighting, water-efficient fixtures(sinks, toilets, shower heads,) possibly spray-foam insulation to reduce drafts, to name a few.MG

If you are low on funds, hustle, save, or refinance.

Low pay. 

It seems to me accepting bids for a rental would only benefit the landlord in a very competetive rental market with low supply/high demand where you might find high quality renters willing to oubid each other just to get into a place. 

I know that I would like a tenant pool who is credit worthy, trustworthy, and not low income.