First home, living with tenants, SFR or multi family

[Clay Walker]

I work out of town for around 4 weeks at a time and then typically 2+ weeks off. I have no liabilities or debts.

I’m looking to buy my first “investment” property in 1 of 2 areas, each of which is growing rapidly,

From what I understand if I am to qualify for a low money down FHA loan I have to live in the primary residence for 1 year before being able to rent it out. I could do this with a SFR or a multi family unit up to 4 units, and rent out the other 3.

It seems very difficult to find a good multi home, as they are all snatched up quickly...

So I guess my question is:

Are their any legalities associated with this?

Could I lease out 2 other rooms in my house to help pay the mortgage?

If I was able to qualify for a 20% down conventional loan on an “investment” property, do I lose my first time home buyers loan option?

From what i’ve been hearing a low money down loan would be best for me. If it does happen that I have issue with cash flow I know I can pay for the property with my personal income.

Thoughts..?

Thanks for any input