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.

[Terry Lao]

@Sarah T.

Max earn and not pay federal income tax is about $9,499, which if you have fico of 740 or greater, means you would qualify for max loan of $40k. If you got a co-signer (parents), and 3.5% down, you might have a chance for a decent property. If it was a 4plex, then it would help immensely with the PITI and maybe net plus $100-200, or break even. And, you have to live in one of the units. Are there 200k, 4plexs in Clermont, Florida?

@Account Closed

Are you a wholesaler in Las Vegas? You are commenting on a whole range of topics, in a short amount of time. I own several 4plexs in Las Vegas, and want to add to my portfolio.

Terry