Moving slow, with some risk tolerance, eyes wide open, help!?

[Andrew Johnson]

Hello folks,

Just want to start my first post by throwing a huge shout out to everyone on here contributing to this lively community on BP. You are all awesome! (well except for you scammers I've heard rumors of). After browsing the forums and reading plenty of discussions of situations similar to mine I am curious to get thoughts on how you might start if you were in my shoes. 

Now, I am as green as they get (haven't even made my first home purchase yet), but I have financed a car! yay me... Credit is still in 770 range.!? I have made up my mind and I'm going to jump into real estate sooner or later (and hopefully end up not just paying a mortgage on my own for 30+ years or so). In 2014 I spent the better part of a year self renovating (and self funding) a 1000 SFR owned by my grandparents which I live in now with no rent payment for the next 5 years because grandparents.

Here's where I'm at. I work full time in the tech industry and have been able to work myself into saving roughly $1250 a month that has been burning a hole in my pocket these past couple months. I'm considering a multi family unit locally or possibly some out of state  Here's what I've got:

6500 in liquid cash - 7300 available 401 K funds (half of 14k contrib) - 7500 in stocks (4500 of which is in a single terrible stock purchase that will be left alone until it recovers) - and another 2700 liquid cash emergency fund - also got about 13K car loans with 2.89 int and 2.69 int on two cars.  

My current tolerable down payment 13,800 and as the months go on this increases by 1250 

In my local market this pretty much limits me to 3.5 down payment for multi family units especially considering 401K moneys should be used for primary occupant homes. Duplexes in SLC are ranging from 300K + and multi family units are through the roof, though I know outside my local county I can get better money for my dollar. If I so choose to lower my sanity level and buy out of state Units are going for 70 - 100K or less in certain areas.

In my shoes what would you do considering you also have a higher than average tolerance for risk:

A. Wait for the right deal on MLS and jump on MFR with FHA 3.5% DP

B. Wait until current tolerable downpayment increases to 20K (cash &401K) by October 2017

C. Start mailing out letters to various strategic initiatives

D. Connect with wholesalers and get no closing cost deals

E. Wait until Dec 2018 when I have 27K liquid cash & 13K 401k moneys

F. Wait for Right SFR, pay mortgage until occupancy requirement is met and rent out for moneys!

G. Take the boring road and buy SFR and actually live there while I'm paying the mortgage. boo..