House hacking questions for the minneapolis minnesota area

[Alex Winder]

Greetings fellow real estate investors. Today I have a question regarding house hacking in the twin cities/minneapolis area. A little background about me, I have been saving money for a house for a few years now and have around 26k sitting in the bank diligently growing every month. I live at home with my parents and would like to be moving out in the not so distant future, but I do enjoy my parents and the ability to save around 50% of my income every month. As of recently I have been informed by one of my good friends that 2 possibly 3 of our other friends are looking to get a place together, some of us or a couple of us nothing certain yet. All of my friends know that I have been saving for a house for a while now and have mentioned that if I were to buy a house that they would be interested in living with me as a renter. I recently was informed that all of these people or some of them were wanting to live together seeing as we are good friends and get along together well. What I am thinking in the realm of possibilities is buying a single family home in the eagan, burnsville, savage, apple valley, rosemount, farmington area, seeing as most of us work and frequent that general area of the suburbs. I was thinking something around 170-200k range that has at least 4 if not 5 bedrooms that needs a little bit of work that I can get for below market value. After purchasing have 3 or 4 roommates depending on the size of my house that I find in the area. At the end of the day best case scenario would be to live for close to free or possibly cash flow a little bit while having my mortgage covered every month. I really like the possibilities in this case seeing as they are good friends and would cover most if not all of my living expenses for personal residence. I would prefer to  put around 5ish percent down so that I would have more cash to work with when life happens after paying down payment closing costs and all the fees associated with buying a house. I plan to have around 30k by summer if not more if i continue at the rate i have been going saving every month. Just looking for some advice or wisdom from other bp members and if this is a good idea and how I should go about doing it or if there i anything I am missing.