Purchasing my first rental property in 12 - 14 months, any advice?!

[Aaron Sommerville]

Hey Everyone,

I am completely new to Real Estate. 

My original plan was to save up for a year and buy my first home. After talking with my mentor (He's a realtor with 20+ years experience) he suggested purchasing a rental property first. He mentioned looking into FHA loans and after some research I see that you need to live in the home for 12 months before converting it into a rental property. One of my friends suggested finding a duplex.

I found a single family home built in 2004 for $240,000 and believe I can get 20% down within 12 months. However I am wondering what I need to have in addition to cover repairs and others things that I may not be considering.

Any advice and recommendations would be much appreciated!

Aaron