The Book on House Hacking Strategies by Bigger Pockets is also a fantastic book4.

What would be the exit strategy?

I'd recommend looking at some additional strategies that we post about in the marketplace.

This is a difficult and aggressive strategy, and it means you'll spend much more time upfront finding the deal; this goes without mentioning the risk of doing this while managing a family life and a busy job.First step is understanding if that cash-out refi is even an option. 

Do you still see the traditional house hacking strategy working in the DFW area even with higher rates?

Figure that out and you have got yourself a winning strategy.

@Sara HabtomJ Scott's book pair about flipping and estimating flips was pretty comprehensive and no upselling.Amanda Han's two books on tax strategies were also pretty good starters. 

Train to be an investor and learn to effectively delegate, not a painter.That said, starting out, you should learn how everything is done so you can hire people who know what they're doing and you pay them fairly.FYI: I can get a 2,000+ sq ft, 4 br painted for $1,500 in 5 different cities where I own property.

Your exit strategies could vary from doing a lease option, selling sub-2 and still maybe getting your equity paid over time or cash out and 1031 into a property closer to where you are going..maybe buy a multi family and hosue hack it...Let me know if you'd like to discuss further, Best of Luck!

Rent stabilization and tenant-friendly legislation may have an effect on your capacity to raise rental income.Tenant-Friendly rules: New York City's tenant-friendly rules, which apply to Manhattan as well, can make it difficult for landlords to handle several areas of property management.