Wanting to Invest in Phoenix, only have FHA loan.

[Brian Coberly]

I just started to consider jumping into real estate rental investments however I have very little capital to start with. I make about $50K before taxes. I have enough for a 3.5% down payment on a $200K home and I'm starting now to seriously save. I have to move from my apartment in three months and I was looking to purchase purchase property with the intention of renting. It looks like market conditions in Phoenix are very good and prices seem set to rise. Now is the time if I ever want to get in. Because of my excellent credit and steady finances/job security I've been able to procure multiple loans 1% down with 2% equity from a lender on one and a pathway to purchase loan with another lender. Already I've been out looking at homes with a real estate agent in Phoenix. Can I do this? Is it possible? I've been doing my homework and studying quite a bit. I'm was thinking maybe a multifamily property with renters or possibly a single family home with a roommate the first year. What do you guys think?