Need advice on financing my first BUY and HOLD

[Kyle Gregg]

Hello everyone at BP! First time poster with big dreams of real estate investing. 

BACKGROUND:

Ive been doing research for the past 6 months and finally starting to put together a strategy to go after my niche...but first, a little about me

25 years old, full time mechanical engineer, currently renting at $1050/mo, have 35k in student loans, and 25k truck payment. credit score in the 680-700s. not much in savings but starting to save heavily. 

I have realized that i want my life to be more than a career at a desk. Ive been a hands-on person my entire life and im very motivated to use my skills in a way to make money.

So far, i have decided that i want to buy a house that is already set up for a 2-3 units. I want to live in one of the units. idealy, id like to have a mortgage that i could afford with no units rented and more than pay for the mortgage when fully rented. I have looked in my area for potential properties and i need help with figuring out the right course of action to finance my dream. i have researched the 203k and FHA loans.

There are foreclosures in my area ranging from 20k-50k needing full rehab. Also properties in the 100-150k needing upgrades.

MY QUESTIONS: 

What financial route would best suit my situation? 

What condition property would be ideal with a given loan?

How much sweat equity can be done with a given loan? i read everywhere that the 203k loans do not allow sweat equity but i want to be able to lay flooring, install cabinets, finish carpentry..etc

i have a million other questions but this is a good start. thanks for reading if you bothered to get this far in my post!