House-hacker here.

I'm a 2x house hacker in Los Angeles. 

I need to go to a David Greene meetup to see some of the numbers house hackers are putting up locally but for now I'm perfectly happy getting a 20%+ cash on cash return in the midwest on 2-4 units.

On a Conventional loan, it will go away once you owe 78% of the original appraised value.So this is why I would never suggest a house hacker get into an FHA loan vs. a Conventional loan. 

Typically, the biggest factors that will play a larger role for a house hacker are (in no immediate order):1) location restrictions (need to commute to work somewhere)2) budget/inventory (if you're open to both, I'd be looking at both areas and choose based on the property itself and how it meets your needs/goals better than the other)3) property specifics (need a certain size or amenities for yourself)Rents and prices are pretty comparable between the two.  

That is exactly why I always recommend house hackers start off by using the 5% down conventional.

If you're ever looking for an inspector in your area, I highly recommend @Gene Hacker .

When I am involved as an agent (we work with a lot of house hackers) I always try to get at least informal word to the tenants asap. so they can start to emotionally prepare and the Notice does not hit them out of nowhere.

Advice from another first time house hacker (also married) who is in the process of closing on more rentals:A) Agreed with other poster about not counting on appreciation.

House hackers have been doing this for years and it works well for many.