I am house hacking paying about 500 to cover mortgage.  

Just be ready for the lender to order a foundation inspection report and appraisal - both you pay out of pocket. 

That is not to say that they will not pay a claim or will be dishonest.

Or did you pay cash like Dave?

Seller pays per dium ( to the day that you close through settlement).

I don't know the detail as far as the tenant paying rent or not, if there's a lease contract etc.What questions should be asked before buying this investment opportunity?

Know your comps really well to make sure you are not over paying.

As a Spark investor, you are effectively paying double fees (Rise48's and Spark's) and then the cash flow coming from Rise48 is stripping 30% off for their carry, and of the remaining, Spark is stripping another 20% for their carry.  

When you build from the ground up in todays market you are paying top dollar for materials, builder costs, land lots, rates, etc.Log cabins can be tough because most appraisers will only use other log cabins on an appraisal to support value.

Right now the Fed says, "We'll pay you 5% to just let your money sit in the bank."