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Lenders stopped allowing rent by the room due to modifications done to the property resulting in functional obsolescence and significant cost to cure in the event there was a default and they needed to foreclose on the home and resell it, given that the main buyer pool for single-family homes are primary occupants. 

It is an investment property, and does not meet the qualifications of being her/their primary. 

From tax stand point I would think you can separate from primary and be okay with IRS being that IRS will not be local code enforcement.  

Hello all,I just closed on my primary residence with an FHA loan so I am not able to house hack since I am obligated to live in the residence for a year.

The good news is you don't need a specialty loan for a house hack, just a traditional primary home loan.

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

Will you be keeping or selling your current primary?

Since there is a co-owner, you would have to purchase the property and it is really hard (if not impossible) to pull a HELOC as the basis for the purchase (since it is not your primary residence). 

Our primary residents also has some equity, I have a HELOC with $166,000 available funds.