Welcome John! I just recently purchased a Multifamily Duplex in Malden. My suggestion to get started and to ramp up your learning curve is to start picking up the phone and calling potential stakeholders as if you are ready to purchase in the near future. From the sounds of it, you will most likely need 2 years of a W2 job to qualify for an FHA or conventional loan. Even still, make the calls now so you know how to set goals and what those goals should be. Who should you call?
1) Lenders, without a preapproval letter, you won't get very far. So call a few lenders (even google, "top lenders Boston") explain your interest, your situation, don't be afraid to say "this is my first purchase so I am looking for guidance on how to get started". After a few calls you will know who you want to work with and who is willing to work with you. Also find out how much you can afford.
2) Realtors, ask for recs from friends or just google realtors in the area. A few phone calls with these folks and you will have a better sense of how the purchasing process works and what markets to look out for. Ask blatant questions like, "I want a duplex, I want to do cosmetic upgrades and light renovations to add value, where do you suggest I look?" This will give them a sense of your market and ask to be added to the MLS to start viewing houses in your realm.
3) Create an excel doc of your target market and write down all relevant items. Population, Pop Growth, avg income, rent to ownership ratio etc. This has become super useful for me when I got stuck or unsure about moving forward, I revert back to this doc to confirm why I am looking in a specific area. Once you find a few areas to begin looking, google: "Location (Malden for example) Redevelopment". You will come across a city website with all future development plans. This is a great way to find long term protective areas or up-and-comers.
Good luck and don't hesitate to reach out if you have any questions. I have also created a few key excel documents that allowed me to analyze +100 properties at once. Reach out if you would like a copy!
