It is like having heavy weight champion on your side. 

Payments that you make normally fall into one of 3 buckets100% of the payment can be factored in somewhere on the returnPartial payment can be factored somewhere on the return0% of the payment can be factored in somewhere on the returnHouse-hacking also has considerable tax implications in the event that you want to sell this property.You can potentially defer a portion or all of the gain on the investment property with 1031 exclusion.You can potentially exclude a portion or all of the gain on the personal residence with section 121 exclusion

Instead, you book the asset and a liability and then reduce the liability each time a lease payment is made.The gain on the flip will come through as either short-term capital gain or ordinary income, depending on how regular, continuous, etc the flipping activity is.

Ultimately what I was trying to gain was advice on if this is a crazy idea or something that would be feasible and a good idea for me to try and get started on. 

I see people who make short term gains but over all, out of that one thing they feel they have achieved they wind up taking 15 steps backwards.

One important thing to note, you will be forced to turn around and use the proceeds from the sale to purchase new properties pretty quickly in order utilize the 1031 exchange or pay capital gains tax.

It certainly sounds like a spring snapped and the full weight fo the door came down.

With the 250K exclusion, I'll pay no tax on the gain and have 400K cash in my pocket.

What I've found with the concept of flipping; you'll gain some insight to how all the functions of a house work and then when it comes time to be a landlord, then you know more of what you're getting aside from tenant screening. 

I say this because we're seeing a shortage in housing with low-interest rates drawing in more buyers and, because of the forbearance program, folks can sit tight and weight to sell their home for more as home prices are increasing.