Best type of deal for my very first investment

[Ben McGraw]

Hello there! My name is Ben and I'm looking to get into my first deal. I've located a few good deals and wonder what the most efficient strategy is for picking my first. My wife and I currently own a small single family home. But since only her name is on the mortgage, I still qualify for first time home buyer financing. There are positives and negatives to this. But since I have little capital and don't know any other investors in my area, I think I will need to use an FHA loan to get started.

My question is this, as a first time investor with little capital, is it smarter to get into a 2/3/4-plex new construction or already remodeled and let it cash flow OR find something with a lot of rehab potential and find another source of financing for the remodel? I’ve found a couple of both types of deal. Now I know that long term it makes more sense to purchase something you can add value to AND let cash flow. However, without an immediate solution to financing the rehab, I wouldn’t know where to start on that type of property.

Does anybody have ideas on where I should start?