If you don't know how, might make sense to partner up with another investor that has experience doing it. 

As far as your other point, house hacking is going to be my first priority (once it makes financial sense) for me once I'm finished with college next Spring.

This may reduce the overall down payment needed for the property but still make some logical sense as a rental.  

Ahh that makes a bit more sense as long as you have proper reserves you should be fine, you should probably do the math on your options and see which one is better for you, because it may differ based on what inventory is available at the time and/ or how much you save over the next year.

This requires me to pay off mortgage worth 105K+124K = 229K.If I sell ETFs worth 229K and pay off these 2 properties, I expect to add extra cash flow of $1143 per month (on top of net cash mentioned for each property above).My question is, does it make sense to go this route?

Makes sense to “pay” yourself I guess.

But @Skylar Vincent, by all means, I agree with Jay, go the FHA route if you can qualify.Ah that make sense.

I would need to spend at least a few weeks there to start feeling that I had a sense of the area.

Its like street sense but using real knowledge molding peoples lives from the novice investor to the homeowner that has no idea what took place prior to them living in their home.

I think Matt Honeyford makes perfect sense.