I've been an appraiser for 20 years and I review other appraiser's work for a living.

According to FHA Guidelines; a family member can be a parent, sister, brother etc….So my question is this: Can I buy a multifamily unit with 3.5% down as long as one of my Family members is living in one of the units?

The plan is that the space between the sleeping area and another living area will have a closet with bi-fold doors.  

We living in Rhode Island and the market has slim pickings, there are currently 8 multi families for sale in the whole state.

Conventional loan - this was a house hack so I purchased as a primary residence and then rehabbed it while living in the property with 2 kids during COVID 🏗️👨‍👩‍👧‍👦🔨🚧 How did you add value to the deal?

Your first photo should always showcase the most used space of your property like a living room.

🌆I Own Investment Properties but I Still Rent -- Maybe you've chosen to rent in a major metro because you want to live there, but got started investing out of state.

I also live in KC and have 4 flips going too. 

Over the span of 5 years you will have paid $77,220 towards rent.However, you're $22,500 downpayment invested into the S&P index fund at our assumed rate of 10.13% compounded annually will be worth $36,236.48Leaving you a net living cost of $36,236.48 - $77,200 = ($40,963.52)Overall numbers after 5 years of house hacking:Expenses include: Principal, Interest, Taxes, Insurance, Repairs/Maintenance, and Private Mortgage Insurance.You will have paid $164,239.76 towards your principal and interestYou will have paid an estimated $20,914 in property taxes and insuranceYou will have paid $5,400 in private mortgage insuranceYou will have paid an estimated $10,859 towards repairs and maintenanceFor a total expense of: $164,239.76 + $20,914 + $5,400 + $10,859 = $201,412.76However, here are the positives to your net worth: Appreciation, Loan Paydown, Rent payments from TenantsYou're home will have appreciated to an estimated value of 560,7812 an increase of $110,782You will have paid down your loan by $26,742Your tenants will have paid $154,439 in total rentThe total benefits add up to: $110,781.87 + $26,742 + $154,439 = $291,962.87House Hacking net worth boosters minus expenses = $291,962.87 - $201,412.76 = $90,550.11(The home equity for year five is calculated using the downpayment + appreciation + loan paydown)House Hacking Vs RentingHouse Hacking net worth after 5 years: $90,550.11Renting net worth after 5 years: ($40,963.52)Leaving you a net worth benefit of $90,550.11 - ($40,963.52) = $131,513.63Here is a screenshot from our calculator on the difference in monthly payments between Renting vs House HackingThe winner is clear.

Do I have to live there in the home for a certain period before applying?