Is This House Hacking

[Account Closed]

Good morning Bigger Pockets Family!

Unfortunately, because of a time crunch, I ended up getting myself into a tight position purchasing my current home. I have been looking at many different options to create more income to set aside for investing as well as savings. Although I do have concerns with having two children both of which will be with me 50% of the time (one being a newborn) I have decided to find a roommate. My questions are:

Do I treat them as a regular tenant (background check, online payments, etc)? What do you recommend to do with the additional income? I have over $80k to invest, $8k in personal savings, and 34% of my current income going to household expenses (mortgage, taxes, utilities). Do I pay down my mortgage to create higher equity for a HELOC? Do I use it to invest in rentals? What are your suggestions? (I realize this is loaded and options seem endless). I am 35, looking to have my first rental property in the next few months. Currently, I am focused on single-family and small multifamily properties. Ideally, I will find mobile home parks and apartment complexes to invest in. Thanks in advance and Happy Easter! - Blessings