Buying a multifamily and a residential house

[Vy Mai]

Problem: Houses are too expensive in an area where we want to send our kids to.

Plan: Sell our current house and hope to get $100,000 after all the expenses of closing costs and commissions. Buy a multifamily to rent it out and live in one of the unit. Then, move out within a year to buy a residential house in that expensive area for our kids to go to school. We are doing all this in hope that the cash flow from the multi-unit will help support us if something happen to our job.

Question:

Our budget is $400,000 for the multifamily and $500,000 for the residential house.

Should I put down 10% to buy multi-family or should I do all 20%?

Will the bank approve another loan within another year?

What would you do in my position with $100,000 in hand. I would love to hear creative options/ plan or problems that I might face with this plan.