Financing after cash out refinance Advice

[Jose Leanos]

Hello all,

I recently did a cash out refinance on my single family home at LTV ratio of 75-25. I did this with an owner occupied loan.

My intention with the cash that I have pulled out is to convert my garage into an ADU and to purchase a 2-4 unit property within the city of Long Beach to start house hacking(ideally with a conventional 5% loan).

I was wondering what I need to do to get approved by lenders/ underwriters in the very near term despite my new loan being quite literally just a few days old. I understand that moving from a single family home into a multi-family property is something that most lenders do not find believable when looking to underwrite loans, but I am unmarried with no kids and I am really focused on financial independence and I feel house hacking and real estate will help me in achieving this goal. What are the steps I can take to get around this road bump and ensure lending for future real estate transactions.

For lenders, I am looking to get approved for an approximate 650k loan on a duplex owner occupied with a 5% down payment.
I currently own a 640k single family home with a 480k loan on it (Total PITI $2550 per month) Comparable rents $2500 not including proposed garage ADU conversion which should add an additional $1300 to monthly rent.

My income is 7500 per month, and my only other monthly debt besides the mortgage is my student loan($318 per month currently paused).

I have enough in very healthy reserves and I am actually looking to buy a fixer and value add with my excess cash.

Thank you in advance.