Buying a Duplex as first home/first investment.
So I have currently been working with a relator in my area on finding a duplex for my wife and I to buy as our first home/first investment. I think this is a great way to get "my feet wet" in REI.
My question is mainly focused on price. Originally we were going to purchase a home first before I started investing but I feel it would be best to buy and live in my investment first. I was planning on spending anywhere from $175,000 to $250,000 for our first home (with 20% down). My relator told me about some land in Raymore area (for those of you familiar with Kansas City) where a builder will build brand new duplexes for $229K.
Do you all think it is wise to spend that much for my first home/investment or should I look more into a live in flip at a cheaper price? My plan would be to live in the duplex for a year or two then buy my wife and I are actual home.
Thank you all in advance for the advice!
-JJ