Brand new in Philly

[James Egan]

Hello Bigger Pockets! I've recently made the decision that REI will be my retirement vehicle. I'm 31 now and would like to build to 200k in positive cash flow annually. I have no delusions that that will be easy nor come quickly; I'm in this for the long haul. I want to get into buy and hold and have started reading and listening to numerous audio books. My goal is to spend this year saving and educating myself and then make my first purchase in the beginning of 2017 and move forward from there. Given my current financial situation I should be able to set aside 50k annually for investment purchases. Although this is my first time posting I've been lurking around for several weeks and the posts have been extremely informative. My first of many questions is this: Two years ago I purchased my current residence with an FHA loan. It's a single family home and I have very little equity. Should I take the money I'm going to save this year and put it towards the first investment property or use that money to pay down my current mortgage > refinance to a traditional mortgage and get another FHA to buy a multi family where I would live while renting out my current residence? Thank you guys for any input.