Trading Free Living for Future Rental Income?

[Jacob Kelley]

TL;DR: Does it make sense to give up free housing in order to house hack?

I'm currently in a unique situation. I'm living rent-free in a home that belongs to a friend out-of-state. He intends to move into the home sometime in the future, at which point I'd have to hop off of the metaphorical gravy train, but he doesn't have any timeframe for when he intends to move back. He's agreed to give me at least 3 months notice, so I'm not in any danger of being kicked out on the street. 

While I'm incredibly fortunate to be in this situation, it does mean that I would have to forgo my expense-less housing in order to house hack, which is the most feasible investment option for me.

So my question is this - does it make more sense to stay where I am & keep saving for as long as possible, or should I purchase a FHA financed property and eat the holding costs for a year until I can rent it out.

Thank you in advance to anyone who takes the time to give their 2 cents!