Narrow focus - I know the zip codes I wanted to purchase well.

In my case, the current property is jointly owned by my wife and me, and the LLC will have the same two members as well.

As long as the furniture is comfortable and fits your market, it should work well.

That's a non tear down resale as well.

That being said, every FHA loan has UFMIP which is 1.75% of the loan amount, as well as monthly mortgage insurance pmts that are about 0.5% of the loan amount annually.

One thing to think about is when doing heloc on primary if you want to refinance you need to get their signoff as well as your primary loan which could cause complications.  

.🔥 Why Co-Living & House Hacking Work So Well Together✅ Higher Rental Income Per Unit – Renting by the room typically beats traditional rental rates.✅ Lower Vacancy Risk – Losing one tenant doesn’t mean losing all your cash flow.✅ More Affordable for Renters – Competitive pricing attracts a steady stream of demand.✅ Built-In Community = Lower Turnover – Tenants stay longer when they feel connected.✅ Allows You to House Hack a Single-Family Home – No need to compete for pricey duplexes and triplexes!

My latest blog - linked here  "UNDERSTANDING FLORIDA'S EVICTION PROCESS AND LAWS"  provides a comprehensive guide to understanding the legal requirements, timelines, and steps involved with Evictions in Florida.

It’s crucial to ensure that you’re compliant with local zoning laws and HOA regulations related to vacation rentals, as these can affect your ability to rent the property.Overall, while it can work well, especially if you're looking for income from rentals, make sure to have a clear understanding of the financing rules, potential restrictions, and the financial risks involved.

Additionally, you could also check with your insurance provider to confirm there's no active risk and provide that documentation to the lender as reassurance.