Am I headed in the right direction

[Michael Thomas McCann]

Currently I am saving up money to put down on a multifamily home around 450-550,000 price range. I make about 40,000 a year and I only have 10,000 saved for a down payment. So my plan is to just rent an apartment for a year and keep saving. I would really like to be able to find and close on a deal sooner than that and house hack if possible. Is that possible? Can I do this sooner than a year with only 10,000 saved so far or is that just wishful thinking? Im a first time home buyer and don't know much about what I would need to qualify for a loan or how to go about it so any advice would be helpful to help me as I start my journey!