I'd also find a real estate agent who knows the house hacking strategy or has house hacked themselves if you plan on using an agent. 

One of the most valuable strategies for flipping houses is using OPM (Other People's Money).

Hi BP family,This is my first time dealing with this issue and it was a good lesson to learn how important to buy house insurance. 

Should we sell the Red Lodge house and pay cash for another rental, albeit in a lesser market? 

I sold my one house that had been section 8 last year, and my tenant had improved her income, so she hadn't been sec 8 for about a year before that.

Vet that is interested in house hacking my way up to apartment complexes and I am considering Houston as a location for that purpose.

High paying local jobs.Monthly cash flow: $306 /moIncome:  $2,250 /moExpenses:  $1,943 /moCoC ROI: 2.69%5-year annualized return 4.91%   Mortgage payment $1,394.53Rental income: $2,250/mo Expenses: $1,943Loan detailsTotal cash needed $136,739Purchase price$ 336,990Loan amount $206,990Loan term 30 yearsInterest rate 7.1%Monthly expense breakdownTotal expenses $1,943Mortgage $1,395Taxes $280Insurance $47Variable expenses  $180Fixed expenses $42Monthly Fixed expenses: $42 electricity $0gas $0water & sewer $0hoa fees $42garbage$ 0Other$ 0Monthly Variable expenses $180Vacancy $180Maintenance $0 (new construction)CapEx $0 (new construction)Management fees $0 (self manage)ReturnsNOI$ 20,412CoC ROI 2.69%Pro forma cap 6.06%Purchase cap 6.06% 

They will have $ problems, title problems, repair problems, tenant squatting in house problems, real estate taxes problems, lien problems, forbearance coming due problems....  

I put in really high end materials on this one, brought in subs to check every single corner of the house and overall did a really good rehab (At least this was the feedback everyone left).

How far away from your house is it?