Looking for Input on New Investor Strategy to Jumpstart FI

[Enrico Saladino]

Hello!

New to the site and to real estate investing. I know just enough to be dangerous and am looking for some input on a potential strategy I am working on. 

As a bit of background, I live in Phoenix, AZ and work as a mechanical engineer. I have been building my investment portfolio over the last few years with the goal of reaching financial independence by the age of 35 (6 years from now). I am looking to diversify, and kick it into high gear, and am eager to jump into REI. My SO and I are currently renting our home but looking to own by the end of the year. We would be doing these deals together and our combined gross income is $190k/year.

I have ~$80k of capital and am looking for the best way to optimize my investment. I have done some research, run the numbers and have come up with the following two part strategy/scenario to grow my net worth over the long term while creating a source of income:

1. Buy a multiunit (2-4) property for ~$300k with 20% down in an area that is older but undergoing somewhat of a renaissance. I would manage the property and do upgrades over the next few years to increase the value while initially pulling ~$750/mo net income after factoring for all expenses. 

2. Buy a single family home close to work (I like to ride my bike!) with 5-10% down for a $250-275K home. Again, I would do some upgrades and rent out a room or two for enough to cover most, or all, of the mortgage. After about a year this would become a full-time rental and we would buy somewhere more desirable for us to live. 

What do you guys think!? Like I mentioned, my main concern is how to make my money go the farthest. Are there any other financing options I should consider? Does this make sense with what I am trying to accomplish? Or should I start with the single family home and go from there, maybe investing the remainder in something else like notes (just starting to learn about these)? 

Thanks in advance for the replies!

-Enrico