There is prequalification criteria and the programs have different requirements based on the prequalification responses.

Does this require permitting?

Each with there own regulations above what the state and county requires.

In addition the Tenant may require 6 months of a ramp up/build out period before paying rent.  

if you're using debt to do the project, your lender might also have requirements for this. i've heard horror stories of break-ins & tons of equipment stolen, flooding, fires, etc during flips.

It's crucial to establish your investment requirements, investigate various avenues, connect with local investors, take into account innovative financing possibilities, carry out exhaustive due diligence, and bargain skillfully in order to locate a lucrative multi-family property for house hacking.

However, life can get complicated, and if you find yourself needing more time to gather your documents and complete your tax return, there’s an option available: filing for an extension.Understanding the Extension ProcessTaxpayers who require extra time to file must submit a request for an extension by April 18.

Keep in mind, you are only required to live in that home for 12 months...but you may not be able to move your family every 12 months either. 

But, as we all know, the government agencies do not work at a fast pace, and I would expect there will be a delay in the guideline changes to the enactment of the new commission requirements of the settlement.I'm also @Elvis Occ concerned that you haven't received any information, webinar or otherwise from your broker. 

There are things that you can do as part of your lease requirements to lessen your liability or shift the coverage to the Tenant.