First time home buyer in SD with 150K down- what would you do?

[Sara T.]

I'm hoping to get some advice about my situation. 

I will be moving to San Diego in the near future. Within the next 1 to 2 years, I would like to buy a house. I plan on living in it for at least a few years, so I'm not looking to do a flip. I'm also not handy at all, so any improvements would require hiring a contractor.

I qualify for an FHA loan. I also have good credit and can put 150K down if need be, so I can probably qualify for conventional loans for properties 600K or under. However, it should be noted that if I put down 150K, I will have exhausted my entire savings except my 401K/emergency savings. Basically, with 150K down I will have no money for renovations until I save up.

I'm willing to buy a multifamily home or a single family distressed home in need of rehab- whatever makes financial sense.  If you were in my shoes, what would you do?