Live-in Investment

[Chris Puglisi]

I am looking to make my first purchase within the next 6 months. This is going to be my first real estate purchase. Has anyone taken advantage of of first time buyer loans such as FHA loans maybe a 203k or something? My thought is to buy a property, looking at condos (because of my budget) but maybe a house if the price is right, fix it up while I am living in it for the year then sell it or rent it out at that point. My thought is that if I could sell it without a profit but I can make enough to cover my holding and renovations costs then I would have had free housing for a year which allows me to save up more for my next deal. Or if selling is not an option, I could rent it out.

Just curious if anyone has done anything like this before and if not what is your opinion on this strategy.  

Thank you

Chris