House-hacking today often has to rely on much greater lifestyle sacrifice than what I personally did 10 years ago, and requires strategies that would make me uncomfortable like rent by the room, or using local laws that allow Short-Term rental only for owner-occupants. 

Both of whom I've used personally.

Certain things need to be redone for selling vs renting vs personal.

So homes with ADUs sell for more, and the appraisals have followed pricing for four+ years now.I personally know an investment group that targets neighborhoods, mostly in the San Fernando Valley, where comps with ADUs are outperforming non-ADU comps so that they can refinance out the value created by their ADUs.

I am by no means a lawyer or CPA so take my advice with a grain of salt....but we personally do flips in one LLC, and rentals in another LLC.

Obviously the homes I am looking at will be in potentially run down/less than desireable areas... the key for me is to not be in the "go in that area and you get killed for being there" areas. 

House hacking will also give you some personal "property management" experience.

In my experience, the water company will give the person paying the bill a credit for the overage caused by the leak.

@Stephen BrossardWhen deciding between investing in Michigan or Florida, it really comes down to what you personally prefer and what your goals are when it comes to risk.

My current rentals are all in my personal name with conventional loans.