House hack in Bloomfield, nj

[Matthew Palumbo]

I am very new to real estate investing. I've been looking for deals in the Watsessing/East Orange/Upper Roseville area to house hack (mainly 3-4 families). I have not found much that will cash flow to my liking. I'm now thinking of a different strategy. There are a ton of 2 families going on the market that are being flipped. So basically, it is a 2 fam with 2-3 br per apt and everything is brand new, but the basements are unfinished. I'm a single guy looking for cash flow only. I am thinking I can offer below market to get the cash flow I'm looking for, then renovate the basement to make an apartment for myself. I'm wondering how I would present that to a lender so I can get an FHA loan. I have about 30k saved to put down and use towards renovation. Am I crazy? Like I said I am extremely new to real estate investing and looking for any advice you all can give.

Thanks