First Step into Real Estate Investment Journey

[Nate Lee]

Hello BP,

Before I start asking questions I would like to thank everyone in the BP forums in giving so much valuable information at no cost, that the true PLUR. 
I am a first time home buyer, looking to take my first step into the REI world. I've been searching for houses for about 3 months now, got couple of offered rejected but not giving up on finding the best deal! My finance options are FHA for MFR and conventional 97 for SFR. I would like to play this as strategically as possible by enjoying the perks of first time home buyer 3% down by purchasing SFR first, live one year, find tenant for rent, then purchase MFR with FHA, 3.5% down and build my portfolio from that. Now, my question is..

1. Can I start with FHA on MFR, live one year, and then use Conventional 97 for my second home SFR? Or is conventional 97 ONLY for the first time buyer? So FHA-> Conventional97 possible?

2. If I stick to my original plan and start with conventional 97 on Single Fam house, do I need to live one full year to be able to purchase the next with FHA or is there any other way that I can get out earlier from the conventional 97 loan for example by refi.. or any other creative way?

i am open to any suggestions, because at my current situation (no big savings) i think this is the best way to  buy as many unit as possible with small down payments.

Thank you!!