Would it be possible to buy a multifamily house using an FHA loan, live in it for one year, and just repeat the process over and over again? From what I've read and heard, the only requirement is that you must live in the building for at least one year or it is fraud. If so, this is what I'm going to do when I turn 18 ;).
@Jesse Dean yes it is possible to do this a few times. Your better option is to use a 5% down conventional mortgage on your first deal. From there you can use an FHA for your second deal. After that, you need to refinance the FHA loan and then you can use FHA again. You probably can do this to get 3 or 4 properties before they force you into traditional loans.