Aspiring buy and hold investor

[Jonathan Perez]

Ok so I've finally picked a strategy that I'm 110% sure about. That strategy is in the buy and hold field and it's particularly in multi family homes. I have a question on starting this off though. 

I'm currently working a full time job at the post office putting away $500 a month. At this moment I have $3,000 in my savings for my first investment. I currently stay with my mom and we go half on a home that we're renting. Our lease is up in November. We are going to split our ways then. I was planning to have about $5,000 by November and was going to use that as a downpayment on a duplex using an FHA 203k loan. My question is:

Would it be wiser to keep renting while I save up a good $20,000? Or go ahead and use it as a downpayment on a home like I said using the FHA 203k loan on a duplex and get started in my investing?

(Or even a single family home, just for the sake of getting started and owning a property.)

I feel like if I keep renting I'm just throwing money away. So I might as well go ahead and use that downpayment in November on a home and then start up another savings then. I would appreciate some feedback on thoughts on this. Thanks in advance.