My first owner-occupied investment

[Jordan Buie]

Hey guys, I am looking at purchasing my first owner-occupied investment in Nashville, Tenn.-a booming market. I have a good about of credit, and I am looking at doing an FHA loan with 3.5 percent down and a fixed 30-year APR at 4 percent and under. I'm hoping to find a property that is at least 10 percent undervalued, ideally a duplex, where I can sign renters on a year-long lease immediately, so that in one year I can move into another similar property and show the year's rental income as payment for the property's mortgage so I can buy another property in a year. Do any of you have any tips, suggestions or comments about my strategy? Do you see any flaws, or is this a great, time-tested plan?