1099 financing and FHA house hacking

[Carter Jarvis]

Hello!

I am looking for some guidance in the realm of 1099 financing and Possibly FHA house hacking. And would love anyone's input into my questions.

Some more information about myself first. I am a 21 year old and I'm currently employed as a 1099 contractor (intern) for a digital marketing company and have been working there for a little over a year now (Haven't filed taxes yet). My take home is around 1.2k per month gross, And will be going up shortly after I finish the internship to around 3k (During the internship I wasn't full time, but will be a full time contractor after the internship is through). My credit score is around a 720. And my current DTI is basically zero as I have no outstanding debt or living expenses right now.

My first question is in regard to 1099 financing. I'm aware that the process of getting a conventional or a FHA loan is a bit more strenuous as a 1099 and wanted to know the best course of action I should take as I'm trying to purchase a small fixer upper multi-family investment property hopefully by 2026. Should I go; FHA, Conventional or Creative? And how much money should I put aside to give me the best odds of pursuing my goal? (Down payment, reserves, etc).

My other question is in regard to FHA. If I do go the FHA route and live in the property, would I be able to cash out refinance the property after the "seasoning" period and pull out my equity after the rehab and tenants are in place? Or will I need to fully live in the house for the full year before I can CORefi?

Thanks!