Do I understand this right? Help me plan my attack!

[James Krahula]

I live in Dallas, TX (I work in Richardson and I do not plan to leave my job anytime in the near future). My area that I live in has really high prices right now, so even with a roommate renting out a room, it still would put me right on the line for what I would be comfortable paying monthly, and beyond what I would pay without a roommate. I currently pay a very reasonable rent that I can maintain even without the roommate, so even though I would really like to start building equity with a live-flip-rent, I am honestly worried about the numbers or the area I would have to live in.

So I think my best option starting out is working with a turnkey company in a more affordable market like Memphis (who didn't see that city coming!?) and continue to rent in the meantime while starting my investment journey out of market.

So my questions are...

1. Am I right in assuming that when I go to purchase my first owner-occupied property in a few years, I would qualify as a first-time home buyer because I have not owned a principal residence, and thus the benefits that go with that?

2. If I am wrong in my assumption of question 1, is this still a good option? What are the pros? What are the cons? What are the things I haven't thought of?

Thanks again everyone, I can't wait to look back in a few years and laugh at how dumb these questions are, but right now I don't know and I want to know!