First purchase advice

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Hi everyone,

I am currently renting, but plan to purchase within a year from now, so I just got started a search for my first property to have a mortgage on. Also, I want to find out what would be the best way to get value or cash flow out of my first home.

Right now, I am trying to figured out if looking for an REO to be purchase with an FHA 203k loan should be the best way to go and if it is even possible in a multifamily or a regular residential?

Now, I will probably need to use an FHA loan since I don't think I will have enough for a conventional loan to cover the purchase.

Do you guys think that REO's are a good way to start looking for my first home or are there any other options I could be looking at as well?

Or what do you guys think will be the best investment option as a first time homebuyer/investor?

Any help, advice or opinion will be really appreciated everyone.

Thank you all of you!