Need advice on first purchase

[Brent August]

Hello, I have been lurking for a while and learning as much as possible before I begin my investing career. My goal is to buy multi family rentals with a buy and hold strategy. I have been self employed for 1.5 years and have been told by every bank I have contacted I will not be able to get investment financing until I have been self employed for 2 years. I do not own any property and have been saving money for down payments on investment properties before I worry about a personal property. As soon as I can obtain financing I plan to make my first deal.

Which leads to my question. I found a property that I like for myself, it's a condo, in a great area and has an assumable FHA loan at a 6% rate(I was told by my bank I do have a good chance of being approved for this loan with over 1 year of self employment). This seems like it may be a good idea because I would be able to save my money for investment purchases after I can get financing. I wanted to know what others thought about this. Will this hurt my chances of obtaining financing for investment purchases down the road? Also, if I did buy this condo a tentative plan is to live in it for 2-4 years then rent it out. Rents in the building for similar units are 1400-1500. HOA fees 150. Asking price 240K. Built in 2004. 4200 annual taxes. Very popular location. I know this wouldn't be a great investment to buy and rent out for cash flow purposes (im sure it would have negative cash flow). However, I would be spending 1200-1500 in rent over the next few years anyway. Any advice or thoughts on issues I am not considering would be greatly appreciated.

Thanks!