Creative financing for college student House Hacking 1st time

[Judah Smith]

Hey guys, this is my first Biggerpockets post. I'm a college student going to school in Phoenix. I would like to purchase a house/ multiplex to live in and also rent out while im going to school. Ive listened to several BP podcasts, read several books about financial freedom/ real estate investing (rich dad poor dad, no money down, etc) and I need some advice on how to make that first step.

These are some of the ideas rattling around in my head.

1st - Spend a year or two saving as much as possible to afford a down payment; all the while building credit. Once 10-20% of the house cost is saved for a down payment, contact a bank and get traditional financing for the house. 

Down side/ hurdles - Takes a long time while needing to save as much as possible. Unsure if able to procure the loan for a 1st time home buyer.

2nd - Find a distressed property, seek a hard money loan for cost of house + repairs. Once repairs are done and equity had been added, refinance to a traditional loan with a bank. 

Down side/ hurdles - I am doubtful that a hard money lender would finance cost + repairs on a house for a 1st time buyer.  

3rd - I've thought about some type of partnership with another investor but I'm not sure what that could look like. I would want to make sure its a mutually beneficial relationship. 

What are your thoughts? 

Id appreciate your input on my ideas; how you would tweek or completely change them. The 3rd option seems the most intriguing. I just need to know more of some of my options/ what would be available to someone in my situation. 

Thanks,

Judah