House hacking a MF home in Austin, TX?

[Boris S.]

Hello there everyone, 
I am new to BP and RE investing in general. I realize this has been posted in multiple iterations before but hey, everyone's situation is unique!

I am in the Austin, TX area, preparing for my first property and was planning to get it next year after I save more for a DP. But I got thinking and...if I keep waiting opportunities will pass me by. Why not seize an opportunity if I see one.

Is it worth it to get started doing "house hacking" on a duplex? We did consider SFRs but those seem better suited to 3rd or 4th rental property. I'm eligible for a VA loan so 0 down but to minimize the funding fee I can put down 5-10%. The numbers don't "quite" work - if we occupy one unit and rent the other only ~70% of the mortgage is covered but that's 70% that I can save towards property #2. And after the 1 year owner occupy requirement, I can rent out the other half and the numbers work (but only with 2 tenants so vacancy rate is a concern). I suppose that I can always rent out a spare bedroom in the primary half.

My problem is that beggars can't be choosers and it doesn't seem like a smart move to wait several years to save my first large DP. Feels like getting in the game now is better, to learn and start creating opportunities. I'd love to hear your thoughts! Maybe that's a serious mistake and I need to wait until the numbers work with 1 tenant?

Pricing is not very attractive in my area. To get my foot in the door I am looking at duplexes in B neighborhoods and/or properties that need some work. I haven't seen many 3-plexes in my price range and none of the 4-plex variety. The ones that are I would not consider because it gets me into "risky tenant/neighborhood" territory and it's not a good way forward. I want to be a RE investor, not a slumlord haha. The "need some work" ones don't bother me as I am handy and don't mind building a network to repair/improve the property. And I don't plan on being stuck there, goal is to keep adding properties and "trade up" to better ones using the ones I decide to sell. But that's murky, future territory. 

Appreciate any suggestions, thank you!