How Can I House Hack As A Full Time College Student?

[Max Murphy]

Hi BG! I have recently been learning and trying to get into real estate, which has led me to look into house hacking. 

While I am heading into my sophomore year at the University of Cincinnati, I am looking ahead into house hacking during my junior year. I have 4 other friends that want to share a house for junior and senior year, which I am hoping will pay for any payments needed for a house and let me live for free.

I explored FHA loans and Fannie Mae, but I am struggling to determine if I have the ability to acquire such a loan. As a full time student, Im not sure if I would qualify with a part time job. I have saved 20k for a downpayment and/or rehab work. What is my best option for financing?

(I could also get a loan for roughly 60,000 through friends/family with little interest, but it would need to be paid back in a short time. Is it a smart idea to use that money and my own (along with a private lender for the rest), to buy and fix up a property then refinance it?)

Thank you!