First time homebuyers; which strategy makes the most sense?

[Account Closed]

We're currently saving for a down payment on a house. At the same time, I'm interested in single & multi-family rentals. I've read the BP beginner's guide and will continue to do my research, but I have a few ideas that I'd love some feedback on. Basically, if you were us, what might your approach be to breaking into real estate?

1. Buy a single family home for ourselves. When we move later, rent that out (Not crazy about this idea as I'd prefer to not plan on moving)

2. Split the down payment and make two smaller down payments on two separate houses, a year apart (I think that's the limitation on FHA loans). Keep a cash reserve in case we experience 100% vacancy in the rental for a period of time. Initial cash reserve would be the money we didn't put into the down payments (downside to this is PMI on both houses)

3. Buy first house with full down payment, then save for the other (downside to this is time)

4. Other ideas?

My other question is: What's the best way to get familiar with an area? Where we are planning on moving is about an hour away from where we currently live. My wife grew up there, but that doesn't mean she has an eye for real estate there. I'm totally fine with walking the neighborhoods and putting time in; just don't know the most effective way.

Anyway, I'm excited to learn and take part in the community here, and appreciate any advice or feedback!