House Hacking with FHA 203k (NY/NJ)

[Nate Roberts]

Hello Biggerpockets,

This is my first post on the forums. I have been following the biggerpockets community for awhile now. I am trained as an architect, and have experience in the building industry from the design, construction and development sides. I have a pretty good understanding of the players, the governing bodies, the challenges and more of developing and investing in real estate. 

I am currently renting an apartment in Williamsburg, NY and am looking to move into investing in the next couple of years with my first property. I am very attracted to the house hacking model, and the FHA 203k loans - due to the fact that I do not have much capital to put down myself, but have the ambition to push through.

I know finding a 2-4 unit multifamily property in NY is very challenging for under $2m, but am more interested in the advice the community could provide me in terms of 'house hacking with FHA & 203k Loans in expensive markets for new investors' and any guidance or markers I should use to pace myself, and work toward this goal within the next 2 years. 

Thanks,
Nate