Fix and Live Properties - Does the strategy change?

[Victor So]

Hello BP Community! 

My wife and I want to buy a condo this year in Chicago where we plan to fix it up, live in it for a couple of years, and then rent it out. We found a place in a high rise building, facing Lake Michigan (the unit is across the street from the lake) and right next to Loyola University Chicago. The rental market is great here. 

My question is - when calculating Maximum Allowable Offer (MAO), do I still use the 70% rule? I know to use it for fix and flips, wholesales, and rental properties but I was a little confused since I would be fixing and living (not flipping), not wholesaling and not renting it out right away. (I thought about house hacking by having my mom stay with us and having my mom pay me rent since she already pays rent to another landlord. However, this deal fell through for all sorts of reasons...which is a discussion for another day.)

Any insight or feedback would be appreciated! 

Thanks!

Victor So