I currently own a duplex (live in one side and rent the other out).

Check numbers if you can live cheaper in a house hack vs renting.

I purchased a live-in flip for my first home.

The location is A+ and near where I live.

House hacking with a low down payment is one of the easiest ways to start since you’ll live for cheap and build equity.

My preferred options are:1. house-hack with a duplex under ARV; live in one unit => renovate => rent the other unit2. buy a SFH under ARV that could be converted into a duplex (preferably adjacent units vs top/bottom) - I'm assuming the biggest challenge with this strategy would be separating the infrastructure for utilities; and costly.

If you're willing and able, I do recommend the "house hacking" strategy which is just a fancy name for buying a rental property and living in one of the units, because you'll get very favorable financing - an owner-occupied fixed-rate 30-year mortgage.I'd also say, analyze that property as if you won't live there and it's a pure rental, and make sure the property is still cash flow positive if there's a tenant in your unit because then you'll know if it's actually a good investment.And when you analyze it, include payment of a property manager in your #s because if you don't, and doing so would make it go cash flow negative, then you've just bought yourself a job because you literally can't step away from managing it without losing money.

If you're buying a true investment property (meaning you wont live in it), FHA is completely off the table and Conventional/DCSR will require 15%+ down.

.: I am new to this and trying to gather as much  information as possible.We are mid fifties, living in a tourist area on the coast of GA.

You Might Not Live for FreeMany first-time house hackers expect that their rental income will fully cover their mortgage, but that’s not always the case.