I'm just starting in Real Estate

[Hector Gomez]

Hello to everyone:

I am new here, my name is Hector, I've been wanting to do real state for a long time, so I have decided to take a year to plan everything out, in this year I'm planning on acquire as much knowledge as I can, look for mentors,  save money to take care of the down payment and closing cost, to lower my debts as much as I can, and find a job. in order to do this I've been thinking on bringing some friends (investors) into this plan of mine, 6 friends putting $100 weekly, for 56 weeks, seems a not large investment for an individual, which lowers their rate of risk and increase the rate of return. since by the end of the 56 weeks, there will be a $33,600.00 dollars for one of two options that I've been reading about:

first one is to go for a FHA loan that will give us a 3.5% down-payment, this way we will have the opportunity to target single family homes in the $180,000 -$200,00 range. with $33,600.00 we might be able to go for two single family homes.

or

to go for conventional mortgage loans that will give as multi-family houses as targets and with $33,600.00 we might just be able to get one.

the idea is to do a BUY AND HOLD, which option would be more appropriated, I know that if I specify that I'm planning on renting the property I would not qualify for a FHA and rather I would have no option but to go for a conventional. but what would be the consequences if I don't specify that I will be renting the house. is it bringing investors is a good idea?

I do think that going for 2 single family homes might increase the rate of return. However, I'm just in the first weeks of this "preparation year" any advise would be much appreciated