How to best prepare myself to start house hacking?

[Sarah T.]

Hello! I'm a total newbie to this so I would appreciate any insight. I recently learned about this wonderful site and I am interested to start investing in real estate through house hacking. After graduating this semester, I will find work in web development and am open to working anywhere. I first step is building capital. I know my parents and aunt will be able to loan me $20k. I still want to save enough for cash reserves and repairs.

For an FHA loan, it seems that employment requirement is recent 2 years. While attending school, I've worked at a relative's business these past two years on weekends but didn't make enough that I had to file taxes. I do have the checks as pay stubs though.

1) Am I eligible for an FHA loan by next year though my pay stubs and proof of enrollment in school?

2)  How will I know I will be ready? Is it when I just have the enough funds? 

I would appreciate any advice! Thank you.