Is there hope?

[Gracie Conda]

I'm a new investor and I say that with faith. Anywho I'm in the northern CA. I would love a small multi unit or single family and renovate it to force equity but I don't have the collateral, confidence, or reserves to make a cash flowing deal. The price points here makes it difficult. I have a $475k pre approval and tempted to get a townhouse as my first purchase to keep a savings and stay within budget. What would you do? Wait until the cushion is there? Do a FHA 203k? Or start with the town house? HOA's can eat into future profits when I decide to rent it out.