Is it smart to buy first owner-occupied rental with FHA Plus?

[Gabrielle E.]

I'm interested in buying my first owner-occupied rental property in 2016 using an FHA Plus loan as a way to house hack my way into real estate investing. I want to purchase a property using an FHA Plus loan because it has two loans: one that covers 94% of the home cost and another that covers the 5% down payment. Borrowers pay 1% of the sales price as closing. I plan to live in the property with two roommates who cover mortgage payments. Does this sound like a wise decision? I'm not sure I'm a fan of having a second mortgage on the home but I also want to use as much OPM (other people's money) as possible for my first purchase. Thoughts?