The seller needs moving money, there are oftentimes an arrears that has to be paid on the loan, there are oftentimes HOA fees that are due, there are title costs, there are escrow costs, usually there is deferred maintenance, you have to make mortgage payments out of pocket until you get a renter in there, you have to pay utilities and taxes, and you need reserves in case it all doesn't go as planned.3.

My plan is to take the detached garage and turn it to a casita to also rent out while still living in the main property to offset the increase in mortgage from the refinance.

But IMO if the owner lives in the area, just go knock on their door and see if there is anything that you can do to help them and what their plans are for the property. 

House hacking is one of the most popular strategies you can take and it can be a great way to build wealth and generate passive income, but it's important to have a long-term plan in place.

I would say only if you plan to use the property for another purpose or if the property is really cheap and fits within the building guidelines. 

Currently submitting final plans that include Architectural and subdivision approval.

We were not educated in the work and financial planning for such an undertaking.

I have actual never heard of the group, I looked them up and plan on attending it within a few months after I finish college(I'm currently in the upstate).

I’m not planning on staying in this home for more than 4 years and when I’m ready to move I’m either going to sell it or use it as a long term rental. 

with hard money you're going to pay interest on the loan, which can be pretty hefty, especially if the rehab goes longer than planned.