Second pro is that you get to lower your living expenses or live "rent free" by having your tenants pay for your mortgage payment.

Other than that, it is really a light doc loan with not many strings attached compared to a conventional mortgage.

Have a 27k mortgage balance, sale price est at 415k.

Any other expenses are using up funds that would otherwise be sitting in your checking account to make a mortgage payment with.

@Tobi Isaacs, I'm a licensed mortgage lender. 

Heck, you should mortgage your home to the hilt, and borrow every single dollar you can at 6-7% and crush it on the arbitrage.

I am ready to talk to mortgage lenders and anyone who can help guide me on a financial plan to rebuild my credit and start a small savings to build up to my first house hack deal in Q4 this year in the Raleigh/ research triangle area. 

The main condition was I had to have the downpayment (20%) first, close the deal, and then execute the owner financed 2nd mortgage. 

He calls and tells me "the income to mortgage isn't 1:1 and he is going to have to let the lender know."

A few months ago my fiancé and I bought our primary residence and we did really like our mortgage broker.