First Purchase - House hacking in Austin

[Taylor Ullmann]

Hi All, 

I have started looking around Austin for a place to live after graduation this spring. For the past four years at UT, I have been renting, paying +$850/mo to share a room  in a five bedroom home near campus. Since I will be starting a full-time job in Austin, I decided to look into making an investment here, rather than paying over $1000/mo for a single bedroom apartment. 

My plan is to purchase a 3-4 bedroom home, living in one room and renting out the others to my friends for a year, then likely moving and renting it out entirely. I have saved enough money from internships/work for a 10% down payment; however, my parents are looking to invest as well. 

At this point I'm curious on hearing feedback about smart tactics for financing the home. I'm not sure how it would work if my parents invested and then I paid them back after starting my full time job. I also looked into an FHA loan, which is appealing due to the low down payment, but I don't believe I would be approved since I do not have a history of two-years of full-time work yet.

Excited to hear your ideas and advice!