I would like to purchase a three or four Plex and live in one of the units.I understand I can use an FHA loan or conventional loan with only 3 to 5% down in order to get into the property however I live in a very expensive area and the properties I am looking at are currently 700+. 

Quote from @Vince Abernathy: BRRRR Strategy - First property....

Purchase price: $130,000 Cash invested: $9,000 Sale price: $185,000 I did not have the knowledge then to keep the property and pull money out to complete renovations to another property we purchased a year after this one that required a complete overhaul.

Quote from @Hazel Anderson: Hello, bigger pockets pros, We have a rental property in Columbus and we are looking for a contractor who can replace the existing basement window with a standard sized window.

A couple of things I like to tell my newbies-Owning a short-term rental property can offer significant financial benefits.

Let them know how much you value their property and ask if they’ve ever considered selling it.

Yup, property condition, vintage, neighborhood, tenant base, property management are all very important considerations. 

What are other high net worth individuals paying in broker commissions these days, for high value properties?  

You have to be willing to sell your properties and access the equity to buy up. 

In a handful of years you've got a few properties, and you're on your way.