Is it smart to house hacking with FHA Plus loan?

[Gabrielle E.]

I'm interested in buying my first owner-occupied rental property in 2016 using an FHA Plus loan as a way to house hack my way into real estate investing. For those who don't know, FHA Plus loans cover 94% of the home cost and a second mortgage covers the 5% down payment. Borrowers then pay 1% of the sales price at closing. This would allow me to use more of my own capital for renovations. I plan to live in the property with two roommates who help cover mortgage payments. Does this sound like a wise decision? I'm not sure I'm a fan of having a second mortgage on the home but I also want to use as much OPM (other people's money) as possible for my first purchase. Thoughts?