@Adam Spencer, the live-in, multi family unit idea is a great way to get started, it also affords you the "luxury" (if you can call it that) of keeping an eye on the other apartments - if you're intending to tenant them for the long term until you move out of your unit.
However, if you are intending to tenant them, don't loose sight that this is anything less than a business, and credit, police and previous landlord checks (etc) are not to be overlooked - tenancy contracts must be signed at all times (make sure you also have a good umbrella insurance policy too).
If however, you're fixing to flip, short term tenancies may once again be a way to help keep the project afloat for 6-12 months while you're doing the work on the other units. Just make sure you find the right tenant - one who's going to pay regularly and look after the place so it's in good condition when you want to sell. There's a great section on tenant screening under the resources tab on the BP site.
Keep us up to date on progress.
