Ryan, great decision to take the plunge, if me and my wife were children free, we would definitely go for a house hack today, it makes crazy awesome sense to do this.Here are a few pointers:1) Use an experienced 203k lender, not someone that has done (1) or (2) just google 203k lender for your immediate area, call (3) get best rate, listen to experience pick (1)2) Its all about value, in some cases you can go 110% of appraised value, giving you more money for your renovation if you need it, depends on your situation and market.

Fight for every dollar.What I mean is that, whether in the buying, selling, or renovation process you have to push hard for the best deal possible.

Will be starting off with a flip in the near future, as I have some experience in renovating my home, and flipping can hopefully generate the income to eventually get into buy and holds.

we are trying to find information on raising the ceilings on our 2000sf house. the ceilings currently are not even 8ft tall and we plan on renovating since we will be staying here a long time.

My goal is to buy a duplex this year either turnkey or one needing some small renovations nothing major.

It's in decent condition and we were able to get it at 76k and it currently rents at 1100 a month (with some minor renovation because the existing tenants moved out right after we closed on the property). 

The simple ROI formula is profit divided by total cash out (leveraged funds excluded).This is why you can often see huge and even infinite ROI numbers when the cash outlay is minimal.Example, down payment, utilities paid, renovations costs not financed, insurance payments, and all other cash out of pocket equals your cash investment.

I operate under my business name of jify renovation.

I have renovated every unit and increased the rent roll 25% on average in all of my units.  

I used a HomeStyle renovation loan so it would be easy to keep as a rental but my main concern is having enough capital to fund the next project (hence why i originally wanted to flip).