Owner Occupied First Investment: SFR vs. Duplex

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Hello...

I have been pre-approved for a FHA 203K loan, and will be seeking to purchase my first investment property. The original plan was to renovate, and occupy, a duplex or small multi-family. However, there seems to be a lack of them for sale at the moment in the part of town I want to live and focus my investing activity.

Should I consider a SFR instead? My thought is starting with an SFR now vs. a multi-family would:

- allow me to purchase, go through the renovation process and start building equity sooner rather than later

- provide experience

- buy some time so that I'm ready to pounce when a multi-family does come on the market in the part of town I'd like to invest (or continue with SFRs)

Obviously, the downside to this strategy is that I'd be paying the mortgage out of pocket, but I'm a lifelong renter and need someplace to live either way.

How long would I have to live under the FHA 203K before refinancing? I would want to refinance ASAP whether a SFR or multi-family family, rent it out, and repeat the process.

Thanks in advance for any advice!