First Property Strategy: Crazy to do or not to do?

[Christian Lautenschleger]

Hello BP,

The last few days I've thought of strategies for buying my first property. And this one just came to me yesterday.

Correct me if I'm wrong (if I am, then disregard the rest of the thread), but you CAN buy an four-plex (or du/triplex) with an FHA loan if you take up residency?

If so, what do you know of going that route AND eating the penalty/fine for breaking my current lease (I think it's about ~1,700 and ends Sept. 31 '14; and who knows, I can probably get that lower, somehow) at my apartment (it's a pretty big complex FWIW)? I might be able to save money in the long term, in addition to the learning experience of, well, everything.

What say you, BP?

Thanks,

Christian