Please analyze my thought process in buying my first investment property.

[Hunter B.]

I'm thinking that my wife and I could use an FHA loan to buy a duplex within an hour commute of NYC (where we work) with a $50k down payment, with maybe a $600-700k budget. Rent out the other side and let the tenants pay the mortgage.

A more complicated idea involves buying a duplex to later BRRRR and set ourselves up for a larger purchase at the end of the year after that. Either way, our goal would be to continue purchasing income generating properties every year with our W2s.

I'd like some feedback on these thoughts from people with experience please. Thank you!