REI strategy for moving to a new town

[Paul Powers]

Hey everyone. I've been researching REI for about the past year after getting sick of dumping money into rent as a college student. I wish I would have pursued this idea early, but hindsight is always 20-20.

Anyway, I will be moving down to Victoria, TX (greater metro population ~110,000) at the beginning of June to begin an engineering job. I want to take the opportunity of having to find a new living situation and turn it into an investment opportunity. I expect to live in the area for about 3-5 yrs but could be longer. I've thought through a few different possibilities and I'm looking for some input. 

I know I will start by renting a room/apartment to get used to the are. Additionally, I don't see myself investing in Victoria long term. I'd rather move to bigger, faster-growing cities like San Antonio (has my heart, only 2 hrs away). My biggest fear is that I make a decision that will be difficult to get out from under.  Let me know if you see any major roadblocks or issues with these lines of thought:

1. Buy a 2-3 bedroom house that needs decent rehab but is structurally sound. Once renovated, rent out the extra rooms in the house. I would live here. Is living in a house during rehab a bad/difficult idea?

2. Buy a multifamily unit that needs rehab. Live in one unit as I rehab the other units?

3. Simply rent in Victoria and invest in a (faster) growing community. Multifamily seems the most interesting to me. Buying in Victoria (decent population but not growing) seems like it could be dangerous?

Thanks in advance to anyone who takes the time to read this. I'm super excited to jump in but I'm seeking some advice from someone who has been in a similar circumstance before.