Beginning Search for 1st Purchase.

[Ray Y.]

I am interested in purchasing then living in my first residence while also renting out either the rooms (house) or the other units (multifamily) in the Corvallis, OR area. I have been looking at my current expenses and rent is a big loss for me right now. My thought was that if I can own and rent out the other parts of a house or multifamily then I would be able to cover my mortgage (and formerly my rent).

I have been researching a lot and trying to educate myself on real estate more and that is what brought me to BiggerPockets. I know about the beginner's guides and other useful resources out there. I have browsed them but I would like to receive some specific advice on my situation.

Here are notes about my situation: 

I have established connection with local real estate agent and am receiving MLS listings.

Corvallis is a high priced market right now from my real estate agent and other locals. My life is here so I would not like to search outside of this town right now.

I have cash for down payment but only for 3.5% conventional loan. I have about $7-15k to put down. Early indications look like I can afford between $150 - $250k based on inquiries with local mortgage loan officer. 

I have high credit score in the upper 700's.

My father is a single person contractor with the knowledge and skills for fixing a rundown residence barring very large renovations.

I have decided it is the right time for me to buy primarily based on math including my expenses, my work situation, and my future goals but I could be barred from doing so if I cannot get a decent deal in my desired location.

My questions:

1) Can you point me to any applicable resources like calculators to evaluate my prospective deals?

2) Do you recommend waiting because the area has a high priced market?

3) What is the primary thing I should be focusing on at this point in my search?

4) Should I reach out to other real estate agents or loan officers in the area?

5) Any folks from the area able to shed light on the current market?

6) Do you have any other specific tips on buying a home/duplex, living in it and simultaneously renting?

Thank you for your time and responses!