The idea is to purchase a single-family residence where they would help cover the mortgage, or at least reduce my monthly payments.I’d love to hear from anyone who has experience with house hacking!

Violating these rules can lead to severe IRS penalties, including disqualification of the tax-advantaged status of your retirement account.Each self-directed retirement account must have sufficient funds to cover all property-related expenses, as you cannot personally pay these expenses.

Would recommend documentation to make sure you’re covered if you have to go to court to evict.

You will need to completely cover all new flooring for protection as well. 

The other thing that you can do is find a HML who will allow the seller to cover the down payment then seller finance the downpayment.

Set small goals and leverage rent to cover costs.

You VA allotment can cover more than one property so not all of them have to be owner-occupied.Thanks for your post John.

Also do you have savings on the side to cover lender payment for atleast 6-12 months if you are unable to rent this thing . 

The example scenario would be if I bought a $1M property, the bank is in first position and covers 800k of the property cost, the seller agrees to cover cost of down payment and covers 200k of the property cost.Let's say we can no longer make payments on the property and it's foreclosed on.

Rent by the room gives you the opportunity to get more renters to cover the mortgage, making it easier to stabilize the asset.