The one I am speaking with currently has not offered up any sort of contract so I am taking the lead on preparing something.  

As long as you're prepared to be a landlord and live next to your tenant for at least a year, house hacking is a great way to get started.

The rate cap in January is currently priced at $747,000.The Capital Call funds will be used in the following ways:1) $4mil is being used to pay down the loan.2) $175k fee to extend the loan for 1-year.3) $2.247mil to cover interest rate cap extensions for the remainder of the hold period, including $747k for the January 2025 6-month interest rate cap purchase.4) $1,000,000 in reserves to prepare for additional extension fees and cash reserves.

If I was the landlord here are the questions I would be asking - providing these so you could be prepared if they come up:1.

The human race has historically been poor at predicting future, so it's wise to prepare for multiple scenarios.Mortgage rates in 2025 may decrease slightly if inflation stabilizes and the Federal Reserve eases rates, though they are unlikely to return to pre-pandemic lows.

Also consider contacting houses that look vacant, simply door knocking in a neighborhood that you are interested in and talking to the homeowners in a genuine way, For Sale By Owners is another potential, using an App like Nextdoor or Facebook pages/groups related to local real estate and just telling the group what you are looking for, contractors also know about houses coming on the market soon and so do property management companies, and finally garage sales are a good way to find off-market properties as people prepare to sell.To Your Success!

Ideal if you're short on cash upfront, but be prepared for higher monthly payments.Conventional Loan: @Chris Seveney and I agree conventional is your better option.  

Sad times we live in just as we enter bear market today & prepare for crash of our lifetime!

Its a quick and easy addendum to prepare. 

I would be prepared to file for eviction etc. if they are 1 day late on payment, but would not actively be working to get them out if there is not a blatant current violation of the lease agreement.