Creative First-Time REI Strategy: House-Hacking with a Friend(s)

[Emil Pinlac]

Has anyone successfully utilized this strategy? 

I'm talking about going 50/50 on a MFH deal with a friend (or two) with all of you living in one of the units, while you rent out the other unit to a tenant, 

or

going for equal splits on a SFH while house-hacking some of the other rooms to renters?

We currently rent-hack a place where we have been for the last 4 years, and it has served as our house transitioning from college to our career-level jobs, and we've been paying very generously low rent (sub $300 each). But now we are considering just getting our own place, with the intent of building equity AND (hopefully) selling at a profit anywhere 5, 10, or 15 years down the line. But the ultimate goal would be to put our money toward purchasing an asset that would actually belong to us, and to create passive income while we build our careers. 

Is this a good move? I understand that going into business with friends could be a challenge.. but I figure that could be best mitigated with a strong contract(?) and our current 4-year living together history. 

What are the community's thoughts?