First Time House Hacking NYC/NJ Please Help!

[Matthew McConnell]

Hi all! I am new to this group so thank you all for the incredible information and advice.

My question: My lease is coming up in August in Hoboken, and my gf and I would like to build equity in a place where we can rent out a portion of a multifamily building. Places in NYC/Jersey (Jersey City) run $500k and higher, and taking a $475k mortgage at 5% down First-Time Home Buyer loan seems risky despite cash flow from another unit or two reducing expenses. I never know if there is going to be further layoffs, so what would you guys do? House hack? Continue to rent and try (learning and executing) BRRRR with a partner? Continue to save fore more money down?

Thank you!