I've been debating this myself the past few weeks. I have yet to purchase any properties, which means I qualify for the first time home buyers assistance (not sure how much assistance this actually is yet) and I plan on purchasing a duplex, triplex or quadplex sometime in early to mid 2009 as my primary residence. This should give me an easier entry into rentals. However, prior to purchasing said property I will be wholesaling. Because I hate to back out on my word, as an exit if no buyers become available before closing, I would purchase the property myself (more than likely via HML with at least 1year before the balloon payment) and continue the search for a buyer.

My main question is: Would it be worth it to hold off on purchasing properties so that I can qualify as a first time home buyer when I do purchase the owner occupied rental property?

Thanks in advance,
Matt