We haven't decided if we want to use it as a long-term rental or flip it, so would appreciate any advice on that as well.We've been trying to read up on how to get started, but have a few questions we were hoping to get help with:1) What are the key things to look for in identifying a specific area to purchase in?

We have been investing in this area since 2009 & happy to help you with any questions. 

Along with tools and internal Process you have for selecting applications and ensuring compliance with all laws would be helpful. 

I'd probably try FB marketplace first and see how it goes, then if that doesn't help look for a good advertising platform like buildium (which is probably too robust of a tool for what you need right now, but something with just that advertising feature).  

Additionally, it's helped me understand the transaction process significantly, preparing for when I do take the leap into investing. 

This will help out a lot 

Your traditional bank in most instances is going to take the loan and resell it on the secondary market.For House Hacking, my favorite concept is  purchasing a duplex, triplex or quadplex, you accomplish 2 things in 1 step, you get a roof over your head, and at a minimum you get someone else to help pay for your mortgage, and when its time to move out, you already have your 1st investment property under your belt.

I took on a part-time job to help, but the lender won’t consider that income. 

Hopefully this is helpful to you.

Thanks to the Cost Segregation Study, the property investors accelerated the depreciation that the first year depreciation was approximately $111,100.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.