Low money down house hacking and/or BRRRR?
So grateful to have found this site and community!
I have been reading and watching and listening to as much as I possibly can, and I'm just looking for advice on strategies for a newbie.
Some background: I'm from LA. I have a small amount saved up (15k) and I will be getting a sum from my dad to help contribute (somewhere between 10-40k) and I have a friend that wants to partner with me, he has money but no credit/job history for a loan (50k)
I want to buy my first home locally so I can still commute to my job in Brentwood (probably South LA/Inglewood) and I'm planning on house hacking. However even house hacking in LA will be considerably more than my cheap rent at my apt that is under rent control that I've lived in for 10 years. So once I buy a home and house hack it will still be at least a year or longer before I will be able to refinance and use those funds toward an investment property (due to FHA rules)
My main goal is to build my passive income and get out of the rat race asap.
I'm a bit torn between starting with an out-of-state brrrr in a cheaper market right away while continuing to rent, or buying a home to house hack and waiting to start investing. It is possible I could do both because of my friend that wants to partner with me, but I'm not positive because he may need his money back in a year or so. Ideally I don't want to use his funds because then I won't be tied up with it, plus full profit instead of half. I'm also worried about getting hard money loans without any investing history.
Any insight and advice would be greatly appreciated!