I've always thought of doing a house hack as my first investment, financing with an FHA loan as I don't have a steady income stream yet.

Yes..rent growth is slow and steady here. 

This gives me time to get the place leased up and iron out the kinks to determine ballpark what steady-state NOI is.   

It's okay to refuse to fix holes in the floor (not the floor covering, something you could fall through) or the front door knob that won't lock or latch, or the heater that doesn't work in below freezing temperatures because you know the tenant is powerless to do anything about it?

If you had a steady job and a nest-egg this may not be necessary right now.

You revenue will be more erratic so you need steady nerves and to be able to handle an unfortunate misstep early on if you get unlucky. 

Its important to invest in a place that has steady work for your tenants. 

Due to the cold temperatures and the furnaces being turned on, sudden shifts in temp/humidity/pipe leaks are happening all over the place.

The refi til ya die (trademark) strategy is slow and steady, and has enabled us to pick up houses over the last decade. 

Investors who are looking to make their money grow through minimal downpayments are more interested in making their property an "ATM machine" that produces steady cash flow.