Some of the concepts roll over to multi family as wellSome costs during operating period including but not limited-Initial Phase-Leasing commission one time for 1st month( if using broker) (depend on broker fee structure)Property mgt fees (depend on broker fee structure)Landscape costsRekeying your house or change locksCleaning property Vacancy Any repairs During occupancy-TaxesInsurance Property mgt fees (not included if you're managing)RepairsRental permit (depends on city)Feel free to ask any questions -Kevin

Either you the agent or your client need to ensure it's in a census tract with no income limits.

Just from the very limited information here, that sounds like a money pit and a half.

I'm looking to house hack, so the areas I can look in are more closely limited.

You can contribute each year to match your earnings up to the limit( depends on account type and IRS limits for the year) at brokerage or bank IRA and invest in investments you feel comfortable with like stocks, bonds, mutual funds and cd's. 

I've attempted to dispute an appraisal with limited success especially with the Dodd Frank rules in place.

No limitations at the moment both kids are under 2 years old.

Even if you qualify for the delayed financing exception which allows cashing out before 6 months, you will be limited to recouping purchase price of 10k plus closing costs. 

If these funds have non-performing assets on their books, and LPs start withdrawing their money, the funds will be forced to liquidate their NPLs en masse. 

You don't really have the option to be super hands-on (which can yield higher returns for folks that do the DIY thing really well, Option 2 is the only one that could allow you to take advantage of forced equity), so your options are somewhat limited.