My first steps in real estate (fha, 1031)

[Ike Mouser]

Hi everyone! I am elated to be a part of such a community. I am taking my first steps in real estate to get me out of the rat race. I'm 33, a manufacturing manager and have been cramming real estate books and podcasts for a few months.

Please critique my plan:

1. Find a GOOD DEAL on a 4plex using an FHA loan (leaning toward fha 203k so I can bundle in repair costs so that when I go to sell the property in a year or so I will see a nice profit). Per FHA guidelines I will have to live in the complex for a year. 4 plex because I will gain the most cash flow from this scenario(3 checks).

2. Next step after getting the place fixed up and fully rented is to get it reappraised and then sell it via 1031 and roll all the profits into the next deal and pay off the fha loan in the process. I will have to refi out of the fha into a conventional before I can utilize the 1031.

3. Essentially live in the 45/180 window and continually do 1031's with added leverage and increased profits to continue to grow and put have more rental properties.

I want to have as much cash flow as I can each month and use that and opm to grow.