Shray a few things to consider:With conventional lending, there are add-ons (points/rate) for non-owner occupied and additional units.  

The family member who wants to do the work wants to be paid for their time but also wants to be part owner but can't invest $. 

Ways to find cash buyers, probate listings, absentee home owners and that sort of thing, possibly expired listings and such?

Are there restrictions/regulations on what an owner can do to a commercial property?

Additionally, when you get to the property management side, there are clauses that completely misalign the incentives between owner and manager. 

My plan is to get an FHA loan to house hack for a year, move out and refi to a non-owner occupied loan, then do it again for the next year with my VA loan and maybe one more year after that.

The house is in great shape - the current owner was a carpenter and took great pride in his home so very minimal work will be needed on it.

They were marketing it as a owner occupier opportunity at that time.

.- The home insurance after the sale (the new owner is the "insured") should retain the name of the previous owner(payor of the bank note) on the insurance as "additional insured" so as to not set off any alarms with the bank.- Use a 3rd party loan servicing company to collect all mortgage and escrow payments and make all appropriate payments to the bank lender as well as seller finance lender.   

Hello, BP CommunityI'd like to know if anyone has taken a similar path in real estate investing as the one I'm purposing for my wife and myself.My plan is to purchase a duplex in the Munster Indiana area using a owner occupied loan.