In theory, it's a good idea to house hack in general, but I don't understand what you are counting as rent.

On the other hand, this lender is also very picky, for example they require 100% liquidity of the borrower, meaning someone would need $3m liquid to get this $3m refi (& you don't get to count loan proceeds towards that liquidity).

FHA 3.5% down could get you about $500k worth of house at 3.5% down.Also keep in mind that rents from the units can count toward qualification.Up to 4 family allowed on FHA or VA as owner occupied

Or, more likely, it just won't be renewed when you were counting on it.Could you still handle capex if your HELOC vanished?  

I would get very close to breakeven, but you are still living for practically free (not counting repairs, maintenance, and management) while paying down the mortgage on a monthly basis.I have never purchased a new property to house hack, but I would run the numbers like any other investment property.

Keep in mind that rents count toward qualifying income.

Similar condition, square footage, bed/bath count, etc. 

Count me in. 

I'm passionate about real estate investing for [too many yrs to count].

US 10 year Treasury yields tumbled (by nearly 10 basis points today and counting..) with the latest inflation metrics showing a dip last month indicating the Federal Reserve could start to lower interest rates this year with a now 80% chance of a September rate cut.