Can I househack with a partner?

[John Wells]

Hey guys, so right now I am currently in the learning phase of the real estate investment process, and I have a question that I haven't seen anywhere (hopefully not because it is a stupid question). The idea of house hacking intrigues my partner and I, and we have discussed buying some type of Duplex to Quadplex, and then rooming together while renting out the other units. Would this be feasible, or is there a reason why this would not be a smart option? Thanks in advance, this place has been great so far!

[Tyler Mullen]

@John Wells

Why not?  It's nearly the same concept as a married couple, just document everything, have a written plan for the entire venture, who is accountable for what decisions or activities, rents, improvements, costs, exit strategy.  I could see this being massively successful, buy a 4plex, rent out the other three units, then slow flip it over 4-6 years.

What roadblocks do you see in your plan and what are your thoughts to address them?