Advice on Analyzing House Hacks

[Tyler Holzer]

I am going to buy my first property over the summer with an FHA, and plan to ideally house-hack a duplex, as there's quite a few in my target area. I'm running into some problems with my analyzes, however, because I'll be occupying one of the units, so only half of the property will be generating income from tenants. Thus, I can't imagine the whole property will generate positive cash flow. Does that make sense?

Instead, should I just analyze the tenant-occupied half of the property? If so, should I apply half the whole properties expenses to that unit for the calculations? For instance, if monthly expenses for the whole property equal $1000 per month, should I apply $500 to the tenant-occupied unit to figure out cash flow? Then, if rent is $700, I'll be generating $200 in cash flow. The owner occupied half, meanwhile, will be completely separate and just be normal living expenses. 

Does this seem correct? Any advice on how to properly analyze a house-hack?