Live-in and rent out extra rooms

[Ryan Leong]

Hi everyone, 

I have been looking in to buying a 3 bedroom 2 bath SFH or a condo/duplex in Southern California. My plan was to do conventional loans to finance the property and then live in it while fixing it up. In the meantime, I would be renting out the other rooms to friends. I hope to keep the property for awhile. Eventually I plan to buy another to fix-up and fully rent out the original property. By doing this, I hope to build up a portfolio of properties.

This is my first time getting my feet wet in real estate. Is this a good plan for a beginner? Any advice would be much appreciated. Also, is it better to buy a Single Family House or a condo/duplex? Do you recommend conventional financing or FHA loans? Thanks!