First Investment help

[Ryan Bolesky]

Good afternoon, this is my first post on the bigger pockets forums. ive been a long time listener to the podcasts and have spent the better part of this last year researching, reading, and learning about investing in real estate. I'm finally ready to make my first investment but was looking for a little help.

My first deal would be a 2 family property in Upstate New York, Saratoga County area, my parents own a two family apartment that is almost paid off. They are willing to sell it to me and I want to use it as a rental property. I'm currently living in one of the units, and being a first time home buyer I was wondering what my best option is for buying this property.

similar houses in the local area are selling for about 120k and up, my parents are willing so sell to me for 20% under market value. They dont owe that much on their mortgage. After fixing up both the units (which I have already done) I can easily ask 850$ a month in rent for each. The house has off street parking, is close to the main school district, and walking distance to downtown.

My question is, being a first time home buyer, how can I use this best as a beginning investment property? Should I use an FHA Loan, Or conventional loan? my plan would be to move out after purchashing, and using money I get from refinancing to purchase another Investment property. and keeping a good cash flow on the house.

Hopefully this all made sense as I'm new to this, any help would be appreciated. Thanks again'

Sincerely, Ryan