@Jeremy Horton basically explained it: unless you're in some kind of high effort, higher risk niche, real estate isn't going to generate any cash flow in the short term... and by short term i mean 5-10 years. 

They cover many basic things that won't be covered in any detail in podcasts on investing.

The above are the concepts you need to nail down.    

Basically, lenders are very skeptical of the argument "no one would buy it at $X, but it's really worth more than $X so now I want to keep it."

Basically their dogs cost me thousands of dollars to finally sell it and then I had to discount the property.I had another property I was trying to sell and the house next-door neighbor had a couple of dogs in a small front yard.

Inventory in Central Ohio for small multifamilies can be very limited, so your concept of dividing profits into a live in flip plus a single family rental is a good way to maintain cash flow during this time of gaining experience.

The goal is to buy or build at a basis that creates equity day one and gives you breathing room.Lane two is a value add buy and hold, basically a BRRR style deal where 40k may work in the right neighborhood.

There is a basic challenge with your plan😣You can only have one FHA mortgage at a time and ALL owner-occupied mortgages require minimum 12 months of occupancy before you move out and convert your unit to rental. 

Basically, you are convincing your inner doubter that you can do it. 

My partner and I have a document we work through to analyze deals.A structured Excel template for real estate deals which includes: basic property info like address, type, size, purchase price, and closing costs.