How can I buy my first property with very little down payment?

[Rob Greenawalt]

I have been learning for a long time, but have never purchased an investment property. I have good credit, but  little cash. I'd love to purchase a 2-4 unit property and have some purchase strategies:

1. Find an owner who'd owner finance a large % and I'd borrow a small down payment from family, have an amortization schedule that allows cash flow with a several year balloon payment, and refinance in several years to pull out equity to buy another property and pay off the owner. 

2. Obtain FHA financing with a 5% or less down payment. However, with a residential property wouldn't they consider my own personal residential mortgage and not the anticipated income of the rental property, therefore disqualifying me because of a too high debt to income ratio?

I realize scenario #1 will be even more difficult to find than typical financing and that the numbers in both scenarios will have to be even better than in a 20% down payment situation in order to achieve positive cash flow, but if I can know WHAT to do then I can set about doing it. 

Please let me know, in a positive way, if people think these ideas will or will not work or if anybody has other ideas. Thank you.