House hacking/loan type

[Cameron Mitchell]

I am 18 looking to buy my first house when I graduate high school. I have taken a couple steps working towards it such as reading books and wondering BP. I have a couple questions I haven’t been able to find answers to for awhile. 1. First one being when you’re house hacking, what does the loan look like? When I talked to a mortgage banker she explained to me that in order for me to rent the house out or flip a house I have to get a “investment loan” which has much higher rates. This makes sense to me but if I’m house hacking do I need to take the investment loan or could I do a conventional?

2. Also while talking to that banker she suggested that I live in a house for awhile to know what its like. She mentioned a loan that I would have to do zero down because I’m younger I could qualify for that. If I did this zero down loan could I refinance that loan in the future to a investment loan and rent the house out after awhile? Or even while I’m living there could I rent out a couple rooms with this zero down loan?

3. While house hacking or starting out how does the legal aspect of it work? I hear on the pod casts all the time that they are involving attorneys and creating contracts, while I’m starting out house hacking do I need to do this? If so how much and where do I find this?

Thank you for the help and the time!