Investor experts..what's your opinion?

[Jason Deutsch]

So I am coming up with my first business plan on how to acquire my first investment property and I wanted to know if my plan was a good one or not.. My wife and I were considering selling our SFH & moving into a two family in a desirable area in Bergen County New Jersey. I would use an FHA loan for the low down payment considering I was planning on living there for a few years. I wanted to get a property that needed some work done on it so that when I do move out I can perhaps get rents that are more comparable to the higher ones in that area. Since I would have someone helping me out with the mortgage through rent this will also enable me to save a lot more money than I am now which I can reinvest in future buy-and-hold's and also the improvements on the property. Has anyone traveled this path?