Buying first rental property while still renting myself?

[Cory Spitznagel]

Hello all! I was approved for a mortgage today and was wondering if anyone had any experience with using their FHA buying power to buy their first or next rental property while they themselves still rented? My wife and I are happy where we are renting in a great neighborhood at a good price that allows me to save a good amount of money so we were content with staying. Just wondering the general thoughts on this process and the do's and dont's. Any help is greatly appreciated!