Could we house hack?

[Jesse Semeyn]

Hi-

Brand new to BP so please excuse my ignorance as I am in the beginning stages of my research.

My wife and I purchased a single family home 5.5 years ago. Since moving here, we had a baby. Between student loans and daycare, we are not putting enough away for retirement and potential college tuition down the road. We are looking to move closer to my parents to ease our daycare expenses. I thought this may be an opportunity to house hack a multi-family home for a while to begin building investments that we could tap into later.

We paid 305,000 for our house. We paid 3.5% down using an FHA loan at this time and still have 277,000 of principle left (so we are still paying the PMI). We'd like to eventually end up in a single family home.

What options do we have? What would you do?

Thanks,
Jesse