House hacking my way out of college debt!

[Miles Morrison]

Hello BP community, I am new to REI/BP and grateful to be here! I am looking to house hack my girlfriend of 8 years and myself out of college and car debt via house hack (short term) and then onto financial freedom in the long term and I am sifting through different REI strategies to get started.

Personal finances: (I will leave my girlfriend out of this part but she's a teacher and doing better than me as far as debt goes) 

• 31k student debt (on pause with 0% interest) 
• 9.5K car debt (would be willing to sell/get cheaper car if beneficial but that's a different story)
• credit score 790 (little credit history besides monthly credit card payments and my first car)
• employment: lost sales job due to covid and receiving Unemployment (confident in finding income between 35K-55K annually within next month or two)
• 20K in the bank currently

Strategy I'm considering: House hack a duplex/triplex in Milwaukee via FHA loan.

I would split all costs with my GF, live in it for 1-2 years. Looking for a property that needs minor repairs/upgrades to add value. (can barely use a hammer but my brother renovates houses for a living and I could use his help and i'm eager to learn myself and theres always contractors)

Goals with investment: Use the money saved on previous "rent expense" to payoff debt and save up for more REI, all while hopefully building equity. Learn the ropes of REI buying, renovating, landlord, possibly property management etc.

My questions: 1) As it sits, I am unemployed but receiving Unemployment, will this disqualify me from FHA loan, if so we could just put the loan under my GF who has steady W-2 income, correct?

2) What's the best strategy upon moving out of the property after 1-2 years? 

a) Fill our previous living space with tenets to create a cashflow rental upon move out, and move into new house hack? Could FHA be used on 2nd property in this strategy?

b) Due to repairs/upgrades/appreciation the property's value has gone up enough to sell for profit after 1 or 2 years and pay off the remaining debt and use 1031 exchange to buy new house hack? If so could I use FHA again for 2nd house hack?

c) Stay in house hack until debt is paid (this could take 3 years as quick guess) and do BRRRR strategy with other properties while living there?

d) Do you have a different strategy to add? As a newbie, I would appreciate all advice and criticism as this is going to help me narrow down what I am looking for in my house hack property and overall REI strategy moving forward!

Also if there is anyone in Milwaukee I am looking to build my network in the REI community, please reach out!