how do i buy a home to live in and still be in real estate investing

[Jon Rylander]

Hello BP

I have a house right now that I am flipping with my parents we got the house in sept. 2013 and want it on the market by june 1st 2014 the mortgage is in my name but my parents are doing most the rehab and we will split the profit 50/50 we bought the house for 118,500 and have about $90,000 in the rehab. its a nice 3 bed 3 bath with a great view of the lake but no lake access. we hope it sells for around $280,000 to $300,000 which leaves a profit of around $70,000 - $90,000 and 50% will be mine. I still live with my parents and want to buy a house to live in. I dont want to rent but if i buy a house I'm afraid i wont be able to finance another house to rent out. i thought about getting a duplex and live in one unit and rent out the other. I just want to make a smart decision so i can still invest in real estate but also have a house of my own. Does anyone have any suggestions or advice they can give? I would like to do the buy and hold method or flip another house what are my options if i finance a house to live in and then try to buy another to rent out?