FIrst time house hack brrrr

[Sebastian Roy]

Hello everyone, I am a newbie investor looking to brrrr house hack my first property. I've done some extensive research on the brrrr strategy as well as the house hacking strategy but I need clarity on some questions.

First, I am unsure which type of loan to use to purchase the property (conventional, FHA, HML, 203k, etc.). I have already been pre-approved for a 30 year conventional loan with 4.25% interest rate and 3% minimum down payment. The maximum amount I could borrow from this lender is $200k. I believe a conventional loan like this one would be a good fit mainly because private mortgage insurance automatically stops once I reach 20% equity in property.

    Secondly, I am undecided on how much of a down payment I should put down. I do have approximately $30k saved up for a down payment (including closing costs) and repairs. I'm thinking I should put low money down (3-5 %) for a couple reasons. First, I am planning on selling or exchanging this property in the future, so I am not too worried about paying off the loan asap (although I know a lower down payment means a higher mortgage and less cash flow per month). Second, if I were to finance a property for $200k, a 3-5% down payment would = $6,000 - $10,000 + approximately $6,000 in closing costs totaling $12 - $16k. This leaves me with $14 - $18k for repairs, which doesn't go very far. Lastly, and most importantly, a lower down payment would make it much easier to pull out all if not most of my money invested when I refinance, as opposed to a higher down payment such as 20%. 

    If anybody has any advice or stories about past properties it would be much appreciated!

    Thank you, Sebastian.