Looking for feedback on a strategy

[Valerie Lane]

I'm a new investor. Lets get that out there first. I'm a real estate agent/architect and I am currently analyzing properties in the areas I have expertise in our community. The strategy I'm considering is combining a couple ideas. We currently live in a 3br/2ba house that could use a decent reno (50kish). We owe 200,000 and its worth about 290,000 currently. Its zoned R2 and I'm an architect so building a seperate unit (2br/1ba) on the property could be done. My thought is to buy a multi-family property if the right deal comes up and move to one unit and rent the rest(house-hack). At the same time I have a hard money lender that could fund the reno and value add to my current property, after which I could refi and pay that back. Now I own two multi family units instead of 1 SFR. If I can build the unit and reno existing house for 200k the numbers work out to 10% CoC roi. Any thoughts or experience in combining strategies and or using your own residence as a project? Thanks.