I’d look at it another way figure out where you want to live and than figure out if house hacking is a way to afford that area and if you have a long term plan to afford that place with at most one roommate, you will find it hard to break even much less make money house hacking anywhere in the region so may as well buy in a place you want to be long term, if your not ready to commit at least medium term, rent.

I keep wondering about insurance, vacancy rates, if tenant selection is a bigger/ different factor, terms of the tenancy and differences in opex and capex? 

We have done it all, as you have without spending a penny on gurus, and yes 150 bux to set up an LLCKeep crushing it bro,hey, call me when you can, I need 10 more props   It's Aussie slang mate heheIn American terms, "He is pulling your nose" hahahaAussie's are more rude so "Pulling your sausage" hahaSorry mate,Will try calling todayEnjoy the weather 🙏

We have used over a million dollars from investors in the past for individual deals, but ever since launching the fund it has become extremely hard to raise money compared to past deals, but we changed our terms to be more favorable to the LP’s. 

If you can't be competitive on price, be competitive on terms. 

Terms were not to turn the units and leave them vacant for the new owner. 

@Sebastian SoveroThere are 3 main parts to a seller financing deal: down payment, interest rate, and price (4th would be the term).

Passive income is something talked about, but the majority of real estate investing is far from passive and what is called passive has payments for the passivity (management).Your why is strong, to provide generational wealth for your family and likely achieve time freedom long-term, that's awesome.

As has been discussed ad nauseum, you will want to make sure code allows a short-term rental wherever you are buying.

In terms of your comment "a lot of investors you may be competing with are goign to break even or even have negative cash flow initially".