I want to buy my first property before next school year and house hack with some friends, but would like some real life experience before attempting it on my own especially being in such an expensive market.

Should we attempt to lease the building to someone else at the risk of loosing a possible sale?

low risk and usually 0 down to get in, which causes a lot of people to try to attempt to get in and not take it serious which causes the ones that actually do it to get a bad rep. 

A HELOC isn't likely if attempting it on a property that isn't your primary residence.

If I attempt an adverse possession does that mean that I have to live in the property?

You have the option to accept the resolution, reject the resolution and cancel the contract, or attempt to renegotiate the resolution. 

@Jay HinrichsYou are right however you are calling the police to show your tenant you are attempting to take action.

From a high level, the reason we are still a year or so out from attempting to solve this is that we are also trying to combat the biggest problems you, our users, face one by one. 

Also, that language seems to attempt to circumvent the foreclosure process which is usually unenforceable.

Attempted to rent the place out but evicted 3 people in 2 years because they don't know how to vet tenants properlyThere is a mortgage remaining of about $80kI know I'd be swimming up stream on this negotiation, but let's do a thought experiment: how would you approach this deal?