Purchasing an investment property while renting an apt?

[Carlos Zappatos]

I currently rent and have never owned. I make very good money and have always wanted to put my money to work in real estate - single family homes and duplexes specifically. I have recently come across a single family home that I personally do not want to live in, but I think would be a fantastic investment property. I am considering a buy and hold strategy for this property, as I probably will for any investment in the foreseeable future. I would love to own my own home one day but feel now is not the time. However, I want to put my money to work and get started investing. What are some things I need to consider while currently renting? Is it extremely uncommon to rent/live in an apartment while owning a buy and hold property? I have also considered purchasing a duplex and living/renting one side, but for now, a single family home has caught my attention and I want to make sure if the numbers work, is there anything wrong with investing while currently living in an apt?