$140k Orlando SFH to House Hack

[Jody Hodges]

Hey guys!

This is actually my very first post on the Bigger Pockets site. I started listening to the podcasts a month ago and can't get enough - I am thirsty for knowledge. So, now I have lots of good books to read and am going to educate myself a bit before actually diving into investing. I live in Sumter County, which is an hour from both Orlando and Tampa. I'm pretty familiar with Orlando, so I plan to start my investment path with house hacking there. 

Anyway, while looking around Orlando on Zillow, I found this home. I haven't yet delved into how to analyze deals and such, but I'm eager to know if my initial line of thinking makes sense. So, what do y'all think about this, as a hypothetical? If I lived in the mother-in-law suite and rented out the other two bedrooms in this home, it seems as though that would definitely cover the mortgage, given the decent location, and then after I move out in a year, cash flow could be around or over $1,000. Couldn't I even do a HomeStyle Renovation mortgage and roll the rehab costs into the loan amount if I wanted to fix it up beforehand? 

Orlando seems like such an exciting place to invest. I can't wait to learn more and get started!