In a “nutshell”What can work - partnerships where each person brings a different necessary asset (knowledge, experience, time, capital, credit) to the table, the responsibilities, rewards, and expectations are clearly spelled out, legal documents are created to head off disagreements, and the parties are compatible.What doesn’t work - partnerships formed by two or more inexperienced people looking for “comfort” rather than going it alone, and anything other than the above. 

Even with nonconforming, can it truly be a comfortable bedroom? 

We are thinking about house hacking, but we've never lived in a multiplex type of neighborhood, so this is going to be really new for us, and cannot say that we are fully comfortable with it.

Newbie here,If the refi numbers don’t bring in your comfortable cash flow, then sell and keep it going.  

First, it's your lease, so you likely know it inside and out, giving you a level of comfortability which no inherited lease ever quite has regardless of how well it's written.  

I was in your shoes back in 2011 and this forum actually gave me a push to make my first investment purchase.

It does take a little playing around with the numbers and knowing what you are comfortable with in terms of risk.

Finding lenders and mortgage brokers that specialize in DSCR loans will help with getting better terms as they have investors comfortably buying these loans after the loans fund which helps replenish the lenders cash for more loans to investors.

I partner with two private lenders in Charleston who do this - they short-term fund 1st's and 2nd's in smaller balances if they're comfortable with the deal and the borrower. 

I can comfortably afford both the starter home and the more expensive home with my income, given my DTI is basically zero.