Investing - Starting with Primary Residence purchase - thoughts?

[Sean Tatarian]

Long time BP follower, first post!  Finally getting started with the process of my first investment.

Background:

-Near $100K saved up
-Have a great full time job I will keep
-Plan is to own multiple rental properties in next 2-5 years.

My plan so far:

For career/family reasons - my plan is to first buy a SFR that will be our primary residence. Much of our career work requires a big backyard that we can customize to our needs, and thus why starting with the primary residence seems to make more sense than a multi-unit house hack strategy (where we wouldn't necessarily want to build our dream yard since we wouldn't stay more than a year).

Wife and I are considering adding a 1br/1ba structure to the yard to use as an Airbnb - to take away some of the mortgage payment burden.

For this first purchase, I want to use FHA or similar low money down financing for the SFR so I can save the majority of my cash position for a future multi-family residence purchase (within the next 12-24 months ideally). I would rent out the multi-family to start generating some passive income. Thinking it might make sense to re-fi the SFR to do that, or potentially have enough cash available for a traditional down payment on the 2nd purchase.

My question is: am I missing any potential red flags or considerations in this scenario?  It makes sense in my head.  But I know people start with the house hack first, and then leverage that to buy their primary residence.  So I'm doing it a bit backwards.  But I think I have the cash to do so.

Any and all insight is appreciated!