I could house hack it though to help supplement some of those costs, maybe get into a home that needs some fixing up and then when rates come down and I get that forced appreciation I could refi and pull out some money if I’ve gained some equity?

Any help there would also be greatly appreciated!

Terms:$160,000 purchase price10% down payment3% interestBalloon payment in 5 yearsMy plan was to just make the payments on the land for the next 3-4 years, ride the appreciation wave and sell the land in the same condition.

After we moved we rent both spaces for a profit of $1500/month after all expenses and the house has appreciated by $150,000.

I made money via appreciation (and ultimately did well), but the rental income was, at best, treading water.If you’re up for the management challenge, buy right, and have a longer term horizon, I think you can do OK but it may be worthwhile to wait for the market to cool down a bit.

I could house hack it though to help supplement some of those costs, maybe get into a home that needs some fixing up and then when rates come down and I get that forced appreciation I could refi and pull out some money if I’ve gained some equity?

If you're using regression to predict how much a market would appreciate by I think that would be a much easier regression task then predicting how inflation would increase the price of a gut rehab (increased parts and labor prices due to increased cost of manufacturing and increased cost of living respectively). 

I’d appreciate you for any advice, recommendations/suggestions.

If I decide to go with option 1, I will have to borrow the money for the renovations at my primary and it may make it harder to qualify for a loan given the little or no cashflow.I appreciate any input.

It's a great way to increase your net worth and these loans can also be used to pull cash out of a property as it appreciates allowing you to reinvest money into new deals.Happy to connect to discuss further.