Later on, we could potentially use the other FHA loan to expand and start building a portfolio.I’d really appreciate any feedback or advice from people who have been in a similar situation, especially when it comes to financing, working with family, or house hacking as a first step.

Some refer to the enemy method.

@Svend W. my brother hoses it into his lawn but I'm not a fan of this method.

Yes, I could assume you are doing a BRRRR method property since that's this forum but lots of people post here...so I thought I would ask about the exit strategy.Tearing down a property is a pretty big deal.  25+ years of doing the BRRRR...I've never done that. 

For insurance, the only reliable method is to get actual quotes from local agents based on the property’s age, construction, location, and intended use.

Whether it’s driving for dollars, cold calling, or another method, consistency is key.

Use the snowball method, but only on one loan at a timeTake all excess cash flow from the portfolio + some of your salary (since you mentioned you’re open to that), and attack the smallest balance first.

Are there methods I could implement to help close on someone interested in my property faster?

Why pursue the BRRR Method having a family of three?

There are a million explanations, but rarely do I find something more than an actual method for developing goals other than the "goals depend on markets".