I currently have a construction management intership lined up for me during the summer but after that I plan on really taking on this real estate adventure.I plan on house hacking my first property, any advice ? 

If it were me, I would try to buy out the current owner, and do a partnership with your money person.  

I bought it for $165K in late 2021 & current market value is about $185K.

In a better market you might be able to use those things to get a better deal on commercial insurance but in the current market there won't be flexibility.On personal policies/1-4 unit rental dwelling policies there won't be any flexibility whatsoever unless it's something the company already has built into their guidelines/pricing.

Are you currently looking into a refi?

This is the first step.I'm happy to help you figure this out if you don't currently have accurate and up-to-date bookkeeping records in place (also needed throughout the year for a lot of reasons other than taxes).If you want to discuss or have any questions I can answer for you, shoot me a DM.Here to help!

@Ruchit Patel, if they are dead set on remaining in their current home then a reverse mortgage could be the answer because it allows them to get income from the equity in the home.

I think the strategy here is to actively pursue off market deals -- before I got my current deal, I was starting the grind of driving around, picking houses that looked like they may need help, pulling ownership records, and would have been mailing and/or calling to see if someone would sell.

Like I am debating to refinance this one property currently to have 20k in reserves but then debating if I should buy something turnkey to cash flow $500, though that refinance payment would go up.Just trying to see if should grind it out currently or refinance this one property that could get me another rental or try to use that on BRRR property. 

It gives me the feeling that the current renters might not meet the qualifications I generally have for my properties.