I contribute few items to Aleksey's education.Therealdeal has answered your question: most GP has not graduated high school during 2008 fiasco LOL so you could guess.

Assuming I could qualify financially (primary income plus FHA allowed rental income contribution from additional leased units), when I become the owner of the property, would that prevent me from using a FHA 203b to house hack a second property?

@Zachary PetrakYou would need to refinance to a DSCR or traditional loan to pay off the private lender and seller financing.This important to get the buy price and construction costs correct otherwise you will be upside down and not able to refinanceThe other option is to partner with someone and give up equity for them to contribute funds.

On a long-listed property not only can this work but the agent/broker may agree to contribute (or discount) some commission to make it work.

(And it should also therefore be based upon the 'added value' CONTRIBUTION... in proportion to at least, their increased BOTTOM LINE.

Let's collaborate and learn together.Thank you all in advance for your contributions!

I think the thing to keep in mind there is that your contribution should not be any more than the fair market rent you would eventually charge somebody.

Further, LLC will qualify for formation of solo 401K, or even defined benefit plan with extraordinary tax free contributions if you’re over 50.  

Partnerships can get a bit messy:Partnerships need to have contributions between two or more people, sharing in profits and losses Partnerships are passthrough: they dont pay tax, the owners do via the schedule k1 then on the 1040The amount on the k1 is not necessarily a distribution.

I keep hearing that STRs are dead and that Airbnb/Vrbo will be a bust, but I can't help but think that there are other factors that are somewhat contributing to this thought, such as people getting into the STR game not know what they are doing, defaults due to communities putting in heavy restrictions on STRs, etc.