Should I Use Hard Money?

[Benjamin Haraway]

I am new to real estate investing and am looking to buy my first duplex. Unfortunately, I am locked into my lease for 11 more months and do not want to break my lease because I have two other roommates that are very good friends of mine. I don't want to force them to move or have to worry about living with a random roommate to replace me. 

I also do not have enough money to put down 20% for a property. I was originally considering house hacking the duplex with an FHA loan so I could basically be living for free in the duplex but then I would still have to pay my monthly rent of $800 a month at the apartment that I have. I am starting to learn more about Hard Money so now I'm questioning if it would make more sense to get a Hard Money loan to allow me to make a 20% down payment so that I can live in the apartment that I'll be paying for anyway and also be able to rent out both sides of the duplex that I buy.

Hard Money sounds risky to me because of the higher interest rates but in this situation I feel like it may make sense. The interest payments on the Hard Money Loan would be cheaper than my apartment payments I would have to make if I house hacked the duplex. The duplex should cash flow and be able to cover the interest payments but even if it doesn't, I make enough money with my day job to be able to easily pay the interest payments and even start paying the principal down on the loan as well. My exit strategy would be to cash-out refinance after a couple years to repay the Hard Money lender. Please let me know your thoughts!