It allows you to put less down, learn all about real estate while living in the property, and potentially reduce your living expenses.There are different ways to house hack as well, so if you're interested in becoming a landlord, you could try buying a 3 family (for example) and see if you like it.

I live in a luxury building in Manhattan.

Both units have tenants living in them and he is giving them the 30 day notice that management will be passed along to me.

Conventional - this was a primary residence so I lived in it while rehabbing.

They all seem to live or die by the 1%, 4%, 50% or whatever rule.

Can I live in the house during the rehab?

To my understanding FHA loan requires you to live there for about a year.

@Rohit Girme Have you lived in the condo?

Plan on this being a live in renovation, ultimately preparing for the fall semester in August when tenants would move in. 

Like I said I lived there & it was not a pig stye to begin with.