Looking To Buy First Property In Roughly 10 Months

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Hey Everyone,

To start, I just wanted to list some brief information about what I am planning to do for my first property purchase. I just wanted to get some advice from the members of BP on my plan.

I will have about $25k saved for the downpayment/initial costs of my first property in 10 months. My plan currently is to pursue a duplex, triplex, or quadplex in the Philadelphia area for around $200k-250k. I am planning to do an FHA loan and live in one of the units. I would guess at this price point in Philadelphia I would be looking for a turn key duplex (not sure if I could find a turn key tri or quad for my price range).

Some issues I've encountered when I look at my plan:

I have contacted lenders and initially wanted to do an FHA renovation loan and possibly fix up the property but it seems like it is more hassle then it is worth. I was looking for about $30k in renovation loans, but the fees I was quoted on this were a little bit outrageous ($3k increase in closing costs).

Also... It seems like there are not very many triplex or quadplex properties for sale in Philly, and if they do come up they are scooped up almost immediately. 

I definitely want to pursue a buy and hold multi-family property for my first purchase. Do any other members have any advice that they could give pertaining to my current plan? I am open to considering anything.

Thanks!

-Sean