FHA House Hack Profitbale When Moving Out?

[Akshay Lala]

So I am in the process of negotiating a price on my first property, (big shout out to the Bigger Pockets community because I definitely wouldn’t have gotten this far without you!)

Anyway my intention is to buy a two unit home, live in one side and rent out the other. Unfortunately I don't have the capital saved up to make a 20% down payment so I am buying with an FHA. As an owner-occupant it sounds like a great situation since my costs for the entire home will be about as much as my current rent and with the rental income I'm looking at paying only a few hundred dollars for living expenses.

Eventually I will move out though since I don’t plan on living there for the next 30 years, and at that point I’m looking at about $1600 in income and $1100 for mortgage, insurance and taxes. Is the $500 left each month enough to cover operational costs and still make a little profit where it’ll be worth doing? Would I have to refinance before I move out to bring down the monthly payments? I know I can save a ton of money as an owner-occupant and probably make that 20% down payment and refinance in a few years, but I’m still new to this and want to see what other people think or what is traditionally done. Trying to flesh out a long term plan for the property before I buy without thinking it all the way through. Thanks!