First-time House Hacking in North Jersey

[Mark N.]

My wife and I are looking to purchase our first home in North Jersey. We’re mostly interested in the following:

-15-30-min-drive to Montclair (where my wife works) 
-No more than 1hr 15 minutes to Manhattan by public transportation.
-Multifamily (2-4 units, owner-occupied obviously) 
-FHA loan, possibly 203K
-Move-in March 2022 (stretch goal: March 2021)

We have $35k saved so far. By February 2021 we should have around $65k. February 2022 anywhere from $110k to $130k.

Questions:

-What areas do you recommend looking for?
-Would it be better to close February 2021 or February 2022 considering our estimated savings?
-Should we look for financing options other than FHA loan?