Is it pragmatic to do a live-in-BRRRR, house-hack deal starting with a conventional or an FHA loan on a primary residence?

For a conventional loan, the max loan amount is 80% of the purchase price.

Conventional guidelines requires a lease, and no security deposit.FHA requires a lease, security deposit and proof of it being deposited. 

If it's conventional, you can get away with a withdrawal slip, but the down payment is 15% for a duplex and 25% for a 3-4 unit.

You may be able to access capital with a C/O Refi DSCR loan based solely on the income of the rental property and your credit score if your self employed income & rental income cannot qualify you for a conventional loan.

Conventional Loan type How did you add value to the deal?

Conventional 20% down How did you add value to the deal?

Financing: Conventional 30yr fixed at 4.75%Purchase price: 215,000Down Payment: 43,000Loan Amount 172,000Closing costs: 3,000Total outlay: 46,000Income:Monthly rental income:  (700+700) = 1400Monthly expenses (please critique my % allocations, based off BP calculator recommendations):Mortgage: 897.23Vacancy 5%Prop Mgmt: 8%Cap Ex 8%Repairs/Maint: 8%Water $60/monthProp Tax: $125/monthInsurance: $77/monthResults:Fails 1% rule (Needs 2k in rent or 140k purchase price)Fails 50% ruleCash Flow -$165CoC Return -4.3%https://www.biggerpockets.com/...Bad deal as is, huh? 

Buyer found it but did not have down-payment for the same and also would not qualify for conventional financing so i put this deal together.

@Alexis Bertoldo If FIRE is your goal I like the strategy of getting a house hack of a 2-4 unit using either an FHA loan or the 5% down conventional loan.