As a first time homebuyer, I was planning to use a conventional loan and put 3% down. However, I found an opportunity to purchase a duplex that's currently occupied with tenants. I considered using hard money to help in putting 20% down so I don't need to live there but being that it's already at the top of my price range, paying higher interest on the hard money on top of my monthly mortgage payment would be way too expensive. I would love to house hack but multi-family units are rare in the area even though it's rapidly growing. Right now, I rent a townhome that's at least 50% cheaper than most places in the area so I've been able to save more and more, but most likely won't afford a 20% down payment in my area anytime soon.

For people who use hard money with, is it only worth it if you get a really good deal on the purchase price? Especially if you don't have the funds to put 20% yourself?