SFH + SFH or House Hack - 1st Time Home Buyer

[David McCulloch]

Hello BP Community,

This is my first post, so be gentle. My question is one of general strategy. Given the following choices which do you think is the smarter option for a 1st time home owner with REI aspirations.

Option 1 (SFH + SFH):

Purchase a SFH (Condo, Town home, etc.) @ $125 - $200k utilizing a low/no down payment mortgage vehicle (FHA, NACA, etc.) because you have to live somewhere and then follow up with an additional purchase of a rental property @ $150k - 200k using a conventional mortgage.

Thinking behind option one: I would keep the bulk of my savings using low/no down payment mortgage for my personal residence to then be able to use said reserves on the down payment for a conventional mortgage on a buy and hold rental property.

Option 2 (Multi-family House Hack):

Purchase a Duplex @ ~$300 - @400k utilizing FHA mortgage. I would plan to have the additional unit managed by a third party as I know next to nothing ... actually nothing about managing a property.

Thinking behind option two:  I know this to be a very popular method; however, for me the cost is significantly higher as I would prefer a duplex that is close to the heart of the city (north of or right in the middle of ATL). FHA would be only mortgage option as I could not put down a full 20%.

Quick Facts:

No debt / exceptional credit (800+) / W2 working stiff 9+ years same company 

I don't even know if the 1st strategy is feasible. Is there some cooling off period between mortgage applications? Is the prospect of owning a SFH while simultaneously acquiring a new rental SFH foolish? I live in Atlanta and work in the heart of the city. While SFHs abound the choices for duplex are pretty slim. There seems to be a pretty wide margin between old rundown but still expensive duplexes (due to proximity to city center) vs more modern still extremely expensive duplexes (due to a combination of things).

While I realize a good deal can always be found I would just like to know if both plans are sound strategies. I need to focus my efforts in one direction or another (or do I?).   I am now hunkering down and streamlining my budget to have as much liquid cash as possible to execute in Q4 2018 when conventional wisdom seems to think sellers become a bit desperate. 

Any feedback would be greatly appreciated.  Thanks!