Single Family to Multi Family

[Nick Noon]

I am going to be doing a FHA loan at 3.5% down for my first property. Most likely a 203k loan. I have always wanted to take advantage of the low down payment and invest in a multi family unit - house hack. Unfortunately, after speaking with the better half, she is a little concerned about doing this especially with the baby coming. She is majorly concerned about the down payment taking up almost all of our savings and not having any "oh sh*t money" starting out. I explained to her that half the rental income would go into a savings account and we could build it up pretty quickly. Even a 2 family would provide us with $1,500/month into the account. She still thinks it's it a little too risky and we are now talking about buying a single family.

I told her that the only way I would go single family is if we are going to do a 203k loan and would end up with a large amount of equity in the house taking into account the ARV.

Is this a bad move?  If I want to buy a multi after the fact, it will most likely be conventional financing with 20 - 25% down.  If I'm purchasing a $300,000 multi, that would be at a minimum of $60,000 down payment.  Am I handcuffing myself by buying a single family home, or do you think I would be able to easily pull some equity out of the house to pursue a multi family down the road.  

I feel like I am compromising and putting the investment dream on hold, but I am nervous I am going to lose 5 years or so by buying the multi.  

Any advise would be much appreciated.