Young Guy, looking at Rental Properties

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Hello everyone at BP!

I am a 24 year old recent college graduate working in engineering.. I am making pretty good money and I am itching to put it to good use in Real Estate.. I think getting into Rental Properties is for me!

I have done some research and it sounds like a lot of people think purchasing a multi-family unit (duplex, triplex, quad-plex) with a FHA loan and living in one unit while renting out the rest is a great idea..

In my area it seems like there are a lot of duplex's but there just are so few on the market and they seemed to be priced very high..

Another option is to buy a single family home at a good price, fix it up and then rent that out. There is an neighborhood in my town that is getting rejuvenated with new businesses restaurants and it kind of seems like its going to be a hot place again. There are some dumpy houses in the area that are foreclosure's but they are on MLS. Would buying, renovating and renting out these foreclosed home be a good idea? Has anyone used an FHA 203(k) loan to do this? I would live in it the first year or so since I know that is an FHA requirement..

Also I have a friend who is the same position as me, he makes great money with little expenses and is looking to invest in something. Has anyone started their real estate investing adventure with a partner?

Lots of questions, just happy to be here..