However, I'd convert the 2 lower units to a 3/2 for myself and my children to live in.Would the fha approval go off of what the county states, as the property only having 4 units?

My agent assured me that she would confirm with the HOA.After an hour, she informed me that the HOA allowed monthly rentals.She also mentioned that the HOA documents would only be provided on the closing day.However, on the closing day, I received a letter from the HOA stating that I could only rent the property twice per year.I agree this has been a very expensive lesson.

Lower returns than market?

I should’ve mentioned that we currently have a 6.875% rate and just looking to refi into a lower rate because we want to take someone off of the mortgage, came across someone who offers a lower rate and curious if anyone else can match that rate.

Additionally, house hacking is usually the cheapest way to get into real estate investing due to accessibility to conventional mortgages with lower down payments and interest charges. 

@Brian Adams so basically my plan is to use my agent, who is willing, to write the offer, use transactional funding to double close to another investor on my buyer's list.

We've lowered skip trace pricing considerably (keeping quality high).

I think this will not last and they will have to lower their prices soon, because the market force that is driving this might be people running out of money to spend.

Do you think I am wasting my time for this for 34k profit if I am spending close to 25 k in cash? 

My initial reason for wanting to do a new consutrcution was because duplex/multifamilies in my area or close to it are around 800k.