First Time House Hacking

[Daniel Pitner]

My wife and I are both 24 and we are looking to turn our current home into a rental property . Our goal is to purchase a new home with FHA financing , putting 5% down and living in it for a year with the purpose of also turning that house into a rental property. Because we have no time frame that we are constrained to, I am content waiting on a good deal. I'm looking for advise on what kind of deal I should be looking for and how to put myself in a position to find it. I have considered looking for a short-sale, however it seems like a lot of people advise against this. Any input would be appreciated!