House Hacking questions...

[David Carbajal]

Hi BP!

I am aggressively looking to purchase my first rental property by years end... Looking to get something out of State (looking in North Carolina at the moment)... California is too pricey for my first one :/ 

My wife and I own our home here in California but our loan was only taken out in her name........ Since I am technically a 1st time buyer, can I still "house hack" for my first rental?..... 

Please let me know your thoughts on this... 

Would I have to "live" in this property for a min. of a year?

Who regulates this?