New member in Florida, learning about house hacking.

[Jonathan Widing]

I'm looking to purchase my first home. I have a pre approval from navy federal with no money down and no pmi, which I thought was outstanding! 

I'm thinking about switching to their traditional conventional where they only require 5% down and still offer no pmi but the rates look a lot better than the 100% financing option I picked.

I am very interested in the house hacking option. I found a property in my area that has a main home 2/2 with a detached 1/1 & 1/1 duplex on the property. Rent for these units should demand about 550 a month each which would pay the 150,000 mortgage, allowing me to live in the main home on property for free minus cost of vacancy repairs ect. 

Any thoughts or advice?