I'm looking for an experienced contractor to partner with on my first full flip; I own two properties and have done minor renovations to those properties but this is my first full flip with a full rehab so I want someone with experience to assist as I learn the ropes.

@Susan Kang what is drawing you specifically to these two markets as compared to other great markets in the mid-west?

Lastly, ADUs are allowed for NON owner occupied properties, opening this strategy up for investors who could convert a SF into two units. 

My goal with the property is to house hack and rent out two fully furnished rooms ($700/800 each room). 

I only recently became licensed, so I would have a long way to go in order to comply with the 2-year experience requirement, but I have been an active investor for 5 years so I am wondering if I would fall within the 3 year exemption, below:- Have at least two years of experience as a licensed real estate salesperson or at least three years of experience in the general real estate field or a combination of both- Meet the minimum points required for the experience type (e.g., buying and selling your own property, managing property owned by your employer)Thanks in advance! 

I'm new to the game but I have been prospecting for deals for a while now.

So it does appear to be possible to get an FHA 203k loan for a 5-unit & convert to a 4-unit.When possible, aim for the Limited (aka Streamline) 203k loan, as it's less complex, not required to get an FHA consultant, etc.Of course, this is based of the two following important assumptions:1)  zoning allows for this2)  and obviously I owner occupy for at least 12 months3)  the total purchase price + renovations are within the FHA loan limits specific to my areaWhat I'm confused about is the timeline or chronological order of the process? 

And right now the bigger cabins are not a good cash flow play but might be a great equity play when you look back in two to three years.  

I know two other investors with same problems. 

For this being your first project and it being around two years, you want to underwrite in a way that minimizes your risk and maximizes your cash flow.Key Considerations for Underwriting This Deal1.