You've earned it and are entitled to it - but just be aware that there are drawbacks.

I would say the one drawback is that if you have to onboard a portfolio that used a very detailed quick books based financial budget that the owner is wed to you need to do some work to get it to match.

The drawback for you is that you're limited on the cash after saving the income to live off and emergency fund. 

That is real shame if your area does not even hear court cases ,that’s one of the big drawbacks to buying in “hot markets “ for me . they are almost always ran by insane liberal lunatics that favor tenants .

My question is that typical when using portfolio lenders and is it a drawback?

There are obvious drawbacks to FHA (mortgage insurance and higher interest rates) but you can always refinance in the future to a conventional loan.Best of luck with house hacking!

Do you see any major drawbacks in defining the relationship this way?

Of course, there are other openers for sale — electric countertop versions, battery-operated ones that can fit into a drawer — but as reviews show, they all come with their own set of drawbacks: dropping cans onto the counter, using more battery power than expected, just not working, and impossible to fix yourself.

I think I'll be able to handle the tenants regardless, so I'm really just wondering if there are any unknown (to me) drawbacks to renovating the property into the 5 bedroom classification. 

The draw back to these loans is that they are more paperwork heavy than the other "portfolio" types of loans....but these have strong rules for taking cash out from a home quickly.