PLEASE HELP: Just starting out Multi Family rental in queens NY

[Ricardo S.]

Hello again. Here's my situation. Im broke. I have great credit thanks to the myfico forums and a total credit limit of $14,000 I have no debt and just pay my cell phone bill and the Verizon triple play package bill for my household which totals about $200 a month. I get financial aid for school so i'm good.

The reason i'm broke is because I helped my mother acquire a SFR so she could own her own home and stop wasting money renting I gave her about $12000 total. I currently live with her, she pays the mortgage. I'm 21 making $35,000 a yr now while still in college full time.

I read an article saying the FED might raise interest rates. I want to get into real estate before that happens or else i'm screwed.

I currently live in Brooklyn and was thinking about purchasing a multifamily in Queens NY with FHA 30yr financing for rental purposes. I wanted to keep my budget to no more than $120000. I know .. I know. The houses might not be in good condition but I was thinking I could get a FHA 203k loan built into the total loan amount and also try to get down payment assistance added to it too for a maximum loan amount of $160,000.

The plan is to find a duplex with at least 3br/1bth on one floor and 1br/1bth on the other. I would live in the smaller unit and rent the other out for about $1600 a month to cover the mortgage then after a yr (due to fha guidelines ) move out and rent the other unit for $1000 for a monthly total of $2600 minus the mortgage. Then after another year goes by I will then refinance with a conventional loan, take equity out and start flipping properties out of state with the cash? Will this work? I am I missing anything?

This is not super detailed I just want to see if i'm in the right direction. I know some of you guys are well off. I want to be the same when i'm at that age.