Multi Fam: 30% down, + credit, 12-month expenses, NO JOB. Loans?

[Laura Baugh Finley]

Hi All,

This is my first post. My husband and I began looking at multifamily here in Seattle but its just to rich for us. We are looking to move to the Midwest (around Madison, WI or Minneapolis, MN). We would like to live in a unit for a year or so as we get more acquainted with the surrounding area.  We prefer small town - but are not limiting our investment to that. We have never been landlords. Mainly looking for a 3/4 plex. However, recently I found a 5 unit that is very appealing, but understand that changes the funding options. Any recommendations on financing?  As we want to live in it, does that rule out portfolio loans? Will anyone look at the rental income as 'income' even at 50-60% without experience? I read somewhere that in some cases if you have enough savings on hand (6 months of expenses) income becomes less of an issue, any truth to that?

We are looking for house hacking and long term passive income. Also I am much more comfortable buying a multifamily vs SFH. In the event that we go back to Seattle, we wanted a multifamily investment property either way.