Newbie house hacker

[Michelle Chowan]

I'm in the metro Detroit area and just starting out. We are currently living with my parents but desperately need our own place. We are thinking this is a prime opportunity to house hack and get our first rental property in the mean time while saving up for our own sfh. Any advice would be appreciated. What can we expect, what should we look for? We have 3 small children. We are only eligible for an FHA loan, which is fine by us. We are putting an offer on a quadplex in a nice area, and will live for free until we can save enough money to get the kind of sfh to raise our family we want. (Right now the prices are high and selections are low) It's a pretty sad quadplex. Repairs will be costly up front. We want to recoup our losses (we'll be exhausting our savings) so we can have ANOTHER down payment after a year or so. My question is, would we be eligible for another FHA? I love the 3.5% down. Thanks!