It would convert the existing structure from a 2 bed 1 bath, to a 4 bed 2.5 bath, adding an additional 2000 square feet of space.  

I had just received a 30k down payment from another owner financed deal and I wanted to get a “second home” and get some additional rental income.

Primary homes have a little different decision to them that a straight investment property.The other thing I would keep in mind here is that house hacking REDUCES my cost of home ownership.

This entity and tax structure allows me to reduce my SE Tax liability (as you already know). 

Assuming I could qualify financially (primary income plus FHA allowed rental income contribution from additional leased units), when I become the owner of the property, would that prevent me from using a FHA 203b to house hack a second property?

Its completely hands-off (other than monitoring your account), very liquid, no additional expenses (like a leaking toilet, new roof, new flooring, etc.), and not deferred tax liability (which automaticlaly happens with a rentla).Oh, and you still get a step up in basis --- don't know why it keep being sold "as-if" real estate is the only asset that gets a step in basis on death... 

. ;) In addition, you may close on a lease/rental, you usually get commission in the entire lease term.

Additionally, a washer and dryer are provided for your convenience.ABOUT SOUTHLAKE:Southlake is known for its exemplary schools, luxurious homes, and well-maintained neighborhoods.

But in addition to my comment above: yes if the focus is more on a "buy and hold approach" where you are looking for cash flow and assuming you have gotten some super amazing loan product where you can actually obtain some each month...

I get they reduce after a year but would you avoid cap gains if you put the gains into another property or investment?