But this scenario also gives me the flexibility to not have to do that in an financial emergency, or sock away more cash flow towards the next investment.Any pitfalls I am missing here?

Hi BP,I've recently discovered this community and am very thankful because I feel I was able to course correct my mindset before I made my first big financial decision in real estate.

It makes me wonder if all the hype around "house hacking" and financial independence is driving the hype even higher and encouraging more millennials to jump in.

I have interest in investing but i'm confused on the financial side.

I'd prefer to buy just one of these duplexes to start out because it would be easier to obtain financially.

I don't know what your financial / investing situation is so they may or may not consider your income from real estate.

I’d say it depends on the strike price:A- basically turnkey, pay out the nose, appreciation play, break even or negative cashflow B- “cosmetic “, still low equity, some or no cashflowC- “needs work”, some equity but if it’s SFR not that sexy, .8-1.3% cashflow D- distressed, equity gets eaten up in repair but might get 1.3-1.5%You have to take into account any financial motivators, liens, concessions, the neighborhood, schools, taxes....Find the best value in an emerging market.

I have no concerns about her integrity and ability to pay, I am concerned though about the financials and wonder if I should move forward.  

I have no prior experience in Real Estate but became interested upon seeing the financial freedom some have had with it.

Typically you can request T12 financials, some will also provide the past 2 or 3 years.