@Madison SloanTo start house hacking, focus on saving for your down payment, researching target markets like Salt Lake City or North Idaho, and building a strong team of professionals, including an agent and lender.

What made you interested in investing in this type of deal?

Hi Chris, if I understand the transaction it sounds like you will receive a 1099-S for the full amount.

There are a lot of market-specific issues you'll have to grapple with and also, there are plenty of landmines in MFR on its own in CT that you'll have to be ready for, in addition to the nuances and complexities of developing something like this.

@Brian King What about something like this for a fix/flip in Smoketown: https://www.realtor.com/realestateandhomes-detail/822-S-Hanc...

This could be an opportunity to share what you've learned.

With this being your first purchase, you may want to consider a property that's not being sold at auction. 

You will need to justify the sale price of those assets to the new owner at their then current value on your books.It is a big hassle to do this, but it can make you a lot of money if you do it right and are careful in your record keeping.

I purchased a 3 family in Newark NJ in March of this year, and am curious about looking into this form of insurance as a way to further protect myself. 

In the meantime, would something like this interest you: https://www.realtor.com/realestateandhomes-detail/1-McDevitt...?