Questions on House Hacking a Multi, 203k Financing

[Brian Faust]

I'm thinking of utilizing 203k financing and living in one of the units, but have a couple questions.  One of which I'm waiting to hear back from the broker about but maybe others have come across a similar scenario.

There is a listing on MLS in my area for a triplex AND a detached single family home. Both are included in the listing, but are on separate tax parcels. They share the same sewer and the listing agent says they should be sold together because of this.

I figured we'd live in the SFH and rent the triplex, but my concern is if this will qualify for 203k financing due to these properties being on different tax parcels, even though they are being sold as a package, so to speak, on the MLS.

My other concern/question is, when house hacking, do you approach the financials a bit differently? Initially, my cash flow would be in the negative, ~($375)/month. Typically, this is an obvious no-go, but since I'd be living in the SFH, I'm looking at it as if that is my mortgage/rent payment until I can refinance. At that point, we'd move out of the SFH and rent that, cash flow would then be around $450/month.

How do you approach the numbers/financials to a multi-unit when house hacking?  Is the initial negative cash flow ok to overlook knowing I can cover the difference AND that the deal will eventually lead to positive cash flow in excess of $100 each unit per month once I re-finance and move out of one of the units?