First time, multi-family, house hack

[Damian Brand]

Hey guys! This is my first post but I'm excited. I have identified a solid investment property that I can house hack into a gold mine! From what I can see I only need a few pointers on the order of operations here.

Financing through an FHA 203(k) loan which ties in all renovation costs and allows me to get this deal for around 10k, if my projections are accurate. The property is a 4 unit with only 1 that is livable. I think I have contractors interested and i know of the real estate agent, locally. I also know the owner and have rented from him in the past.

I believe I should contact the agent and take a walk through. Can I secure the property with an LOI (and possibly earnest money) while I accrue the down payment, whilst having a clause that allows me and my gc access to the units that need renovated? That will give me time to get the plan together and approved by the financier, while concurrently saving for the down payment. Once I know the total reno price I can make an accurate offer. This sounds good to me but I want to know what others with experience would do? Reassure me lol

Any and all tips and advice would be awesome. Thanks!