Getting Started with a owner occupied duplex

[Giovanni Sidari]

Hi everyone - I'm new here, an architect by day, and a wanna-be investor by night. I am interested in the possibility of an owner occupied duplex where I can live and rent out a unit, covering some of the mortgage costs. The plan would be to live there 5 years, create as much equity as possible, then hold on to the property long term, or sell if the right opportunity would present itself.

Given that I HAVE NEVER OWNED or PURCHASED any Real Estate in my life, am I being an idiot for even trying to do this? I'm looking in the 500k range of purchase price.

Does any one out there want to weigh in on this as a first time endeavor?

Am I starting too big?

Can I utilize FHA in this scenario with a lower down payment, since I will be living in the unit?

Thanks Bigger Pockets - So far so good.