New to Investing possibly starting with a house hack

[Tyson Townsend]

Hello all, I’m Tyson. I’m looking to start investing in real estate to reach financial freedom and generational wealth. I’m in it for the long game but don’t quite have what’s needed to just buy another property and flip or brrr. I’m looking to build relationships and hopefully get some advice or mentoring on getting into this game! Here’s my situation and idea to get started; please let me know if I’m headed in the right direction:

I just bought a 3/2.5 w/loft and expanded 2car garage with my brother in 2022 right before rates went crazy with some equity in it. We are living in it, but looking to cut our mortgage expenses to start saving for another property. The bathrooms need renovations (one worse than the others), kitchen could use a facelift and some new floors would instantly raise the value. The master bedroom has attached master bath with 2 sink vanity, standing shower, big soaking tub, and separate toilet room. I’m thinking about refinishing the shower and replacing floors in the master bathroom and renting the master bed/bath either LTR or MTR while we renovate the rest of the house. Once house is renovated we would look to rent it out completely or continue house hacking it while picking up another property to potentially do the same thing. Here’s my hang ups and where I’m asking for advice:

Would someone rent a place that’s being renovated while they live there?

Is asking 2/3 of mortgage too much for renting the master bed/bath?

Should we just renovate without a renter and then house hack/rent once renovations are complete?

I appreciate all feedback and suggestions/advice given. I’m also very willing to exchange information with you to discuss this in more depth. Thank you