@Van Lam I had a client just run into this recently.  

Like you, when I'm working with clients I highlight the key advantages of the conventional rehab loans (Fannie Mae's Homestyle and Freddie Mac's CHOICERenovation) are:- They can be used for investment properties- You can include luxury items- They have a higher limit – $806,500 in most places.Jeff

We've helped lots of clients with house hacking around the Austin metro.

I'm happy to connect you with the lenders our clients work with for this strategy in the Austin area.

I just closed one for a client over the hill in Reno, NV. 

I am in Central Florida and have some great PM relationships, but none of them cover all the areas I service, so I tell my clients, let's find a property, and then I can connect you with the Best PM that covers the area. 

My client recently purchased a 3/2 single family house for $160k that was near turnkey and already rented at $1900/month and in a very desirable residential neighborhood!

The tech industry and manufacturing growth in Reno also provides for a different client for short term rentals, something to look into.

I have had a couple of clients just get the loan approved with the long term rates and then the bank really doesn't care how they get it rented out after.

Once in service, expenses become deductible, reducing taxable rental income.This post does not create a CPA-Client relationship.