House hacking will also give you some personal "property management" experience.

We had a great experience with the lender we used from a big bank since it was a jumbo loan, very knowledgeable and competitive.

However (as you and I both know from experience :-), even the most savvy Investor/Contr can estimate a rehab and then you get started and oooops - didn't see that coming!

.: One thing to consider: partnership.You have time, knowledge, and experience, but not enough money.

So, I would go ahead and turn the garage into an "out of this world" experience, with arcade games and other game room items!

Let's harness our combined knowledge and experiences to propel each other toward success in this ever-evolving industry.I'm positively buzzing with anticipation as I embark on this adventure alongside all of you.

Technology has allows investors and lenders to be effective nationwide.  

Does anyone have an experience in this area that could provide some insight?

I reached out to several lenders about financing this project for the cost and renovation, I was either met with they only go up to 6 units, or the building has to  be occupied,  or that I was too in experience and I needed to put a license builder on the note with me.

I would think of this problem differently: I might encourage them to explore ADUs... this would give them an additional stream of income and would likely only require a relatively small chunk of money in their savings (relative to the total cost).If they could partner with someone that has experience building and/or flipping (to qualify for the construction loan), then cash them out with a 30-yr DSCR loan (and use that as the builder's profit), then they could rent the property and enjoy the cash-flow.