Live in flip/house hack FHA or Seller Finance

[Marci Daugherty]

Hello all, 

I am looking to be creative with my capital and flipping but also looking to move into a primary residence that can cash flow or flip.
- House: Carmel,IN , 5 BR 2 full bath .

- price/rehab: currently livable but needs TLC. PP (listed) 352. Rehab (contractor quote from the listing realtor) 60k for full flip. I walked and likely +10 for flip and for rental right now ... maybe 35k.

-ARV : mid for same sq foot, 4Bed 2/1 bath (closest comps) Last 6 months - 475 (flip ARV)

- Financing : originally was going to do FHA 203k loan, include 6 months mortgage in loan

- Rent by room strategy after minimum rehab: 1k per room. Minimum 3 at a time to be conservative as I will live there too. 

questions: 

1. How can I determine what to offer? is this good deal? I don't think one can calculate using typical flip 0.7 minis rehab since will live in At least 1 yr (RBR), 2 yr (flip and no cap gains). 

2. Owners willing to consider lease option or rent to own.... this seems great at first but I won't own it , no tax advantages, and wouldn't I have difficulty getting a loan for rehab? I am assuming they own outright so seller financing potentially. Can I get a rehab loan on this type of structure ?

3. Should I go with FHA even though that may be longer to close?

4. what else do I need to consider ?

Note: 

- supposedly a construction loan is due  upcoming due (per realtor) so how can they offer lease option ? What does this mean? How could this impact my negotiation. 

Thanks to all in advance !! 
Marci