Buying our first home....possible rental or flip?

[Duncan Canter]

So my wife and I are getting ready to buy our first home and I have had a couple ideas going through my mind just don't have enough knowledge about getting into real estate.

Option 1

There are a couple nice homes we have looked at. That's at max budget. Nothing needs to be done to the homes. We buy it and live there.

Option 2

We buy a cheap duplex, fix it up and live in one side for awhile. Rent the other side out. Save up more money to get another down payment for a second property.

Option 3

We stay where we are (rent free) and find a really cheap house to put some money into and flip it for a profit. Then rinse and repeat until we find a house we would like to move into.

And please no criticism I am still new to learning the industry. So any teachable comments would be greatly appreciated! Thanks!