FHA & Conventional Conforming Loan - Question?

[Alex Ballesteros]

Hi, I live in the city of LA and I am on the path to purchase my first home within the next 1-2 years and I was thinking about potentially house hacking so I could apply for a FHA or conventional conforming loan to be able to get a 3.5-5% down payment, but then I began to wonder if it is possible to live outside of the house (in other terms rent & live in a separate property) once I have already been approved for the FHA or conventional conforming loan?

Is this possible? Are there any obstacles (if possible)? 

I'd really appreciate some insight on this topic.