Should I buy this Property that's out of my price range?

[Bijan Gavahi]

I am just starting out and don't have a lot of money saved up. I found a great 4 bedroom place that was fully remodeled at a great price. I can only put down 5% for a conventional loan.

I want to house hack it and live in one room and rent out the others. If I do that, I could easily make money on it. Even if I rent out one room, I will be able to make payments pretty easily. 

All my friends and family say that I shouldn't do it because if I can't rent out a room, I am digging myself in a huge hole. That is true, I can't afford it if I don't have roommates. Should I take the chance or wait till I have more money for a downpayment before I do something like this (which would be like 3 more years)?