Freddie has similar intricacies, but also does not require a two year history of receipt; https://guide.freddiemac.com/app/guide/section/5306.4If you can use the rental income to drive the DTI down so that you can reduce the down payment similar to that of the FHA product, the benefits of the conventional option will outweigh the FHA option, as I'm assuming you have a strong FICO based on rate quoted with no points.  

What are the potential pitfalls and benefits of each approach?

Repairing the sidewalk came down to a risk benefit analysis.

But I also love the idea of investing in real-estate and utilizing its tax benefits I have read around 10 ish books or so and the one I am reading right now recommended this site I am looking for some advice of things I can do to either prep for an investment into real estate and or do right now.

Those who sought government employment for lifetime jobs, short work hours and ridiculously high and inappropriate benefits, are outraged.  

If you are living there, then you need to weigh the benefits of having a home, as oppose to renting somewhere else.

Holding the property should pay down the loan and give us tax benefits. 

Main benefits to this strategy include:- Low down payment options (as low as 3-5%)- Acquisition experience- Property management experienceThe NYC metro area has nearly 2,000 available 2-4 unit listings on the market.Other new investors consider the BRRRR Strategy.All the best to you on your journey!

I am new to this and I would like to benefit from your experience please. 

You get your tax benefits.