Starting Out: Duplex or Condo/Townhome with Tenants?

[Jason Martinez]

Hi BP family! 

My name is Jason, I am 25 years old, and I currently live in Orange County, California. I am looking to invest! Okay, more specifically I feel like my FIRST purchase should be a Duplex or a Condo/Townhome. My plan is to go with a FHA Loan, if possible, because I will Owner Occupy the property and rent out the remaining rooms. 3 Bed/2 bath would be ideal.

The issues I am having is: 

- Cost of Real Estate in Orange County.  

- Are we due for a Economy Fix (Is it the right time to buy/invest?)

- How do I know I am getting a "Deal"? 

- I have yet to speak to a Real Estate Agent or Lender because I just started a job so I am assuming my Pre Approval will be a low amount. 

- I have too many questions to list for my first post.