House Hacking in Austin, TX - Newbie

[Shay Olson]

Hi All! I am a newbie investor looking to buy my first property in Austin, TX. Looking to do a househack with an FHA loan - hopefully live for free and cashflow once I move out. Realizing that in this market finding a cashflowing rental is difficult, I am looking to do the "rent by room" strategy that Craig Curelop describes in his recent book as well as considering airbnb options.

My  preference would be to start with a multi-family but also realize this could be difficult in the Austin market, so am also looking at single family with 5+ bedrooms in order to generate additional rent. I work in the domain area so I am interested in buying nearby - but am open to other areas closer to downtown as well (just don't know which). 

Does anyone have any recommendations for my overall strategy for my first property? Should I attempt to sign full year leases with roommates or go the short-term rental way with airbnb (or mix of both)? 

Any recommendations on good areas to buy? 

Thanks!