Interest rates will also be .25% - 1% lower on an owner occupied property than on a rental property.Contrast that with buying out of state / non owner occupied properties.

Our strategy is to purchase a multi-family unit that would allow us to occupy one unit and rent out the remaining units on a long term basis. 

Unfortunately,  that’s not accurate and you can get an owner occupied STR permit in any zoning.  

Are you close enough to move into the unit that they are occupying?

The responsible person may never wind up occupying. 

Purchase price: $376,000 Cash invested: $20,000 House hack owner-occupied investment turned to long-term hold.

From my understanding I can’t use this income but could I “occupy” this unit and rent out the main house and use that income?

I have several rentals occupied by 2-4 adults of the same sex.

So purchase --> fix --> rent (in your case occupy) --> refinance.Househacking is where you take advantage of owner occupied incentives (including but not limited to 5% down and lower interest rates) while renting either rooms or separate apartments in the same property.With your situation, you can totally do both. 

He moved from Kentucky to Wyoming, pulled up in front of the house he rented online, and learned it was already occupied by one of my renters.