Using an FHA Loan on First Investment Property

[Nick Santamaria]

Would it be smart to use an FHA loan on a house that I won't be living in full time but then looking to rent it after the first year? With not enough cash to put down a 20% down payment, I was thinking this might be an option and take a hit over the course of the year and then start building cash flow in Year 2 to save up for another property. The second "home" would only require a 10% down payment, correct?

Looking for advice!