Analyzing Deals/FHA LOANS for DUPLEX/SubjectTo/LeaseOp

[Jose Torres]

I'm a newbie and looking to sharpen my real estate investment glasses. Just for starters I live in Queens, NY and housing here is very expensive. I'm wondering how to analyze a good or great deal on an investment property? What I would like to do is get some practice crunching numbers using homes that are for sale in my neighborhood for example. My credit is fair and I don't have much funds for a large down so I'm also looking into FHA loans for my first deal. Which is the reason that subject to or lease option route interests me as well. I'm looking into moving into the property myself and rent the other part of the house. Any suggestions or advice would be appreciated. Thanks.

P.S. also looking to join real estate investor's association in the NYC/Queens area if anyone has suggestions. Thanks again.