Essentially you buy as owner occupied with 5% down payment, rehab it while living there, and after 1 year you refinance it to draw out the new equity, and then rent it out and do the same thing again with another single family home and a 5% down payment.

Hey everyone,I'm very new to REI and spend a good amount of time reading and learning as I am still a ways away from doing my first deal (A multi-unit owner occupied buy and hold).

So as of now, planning on moving forward alone.I presently work a 9-5 job which occupies most of my daytime hours.Would appreciate any thoughts or advice anyone has to extend -- sorry for being windy - if you feel I could shorten anything up or provide less info or more in a particular area please let me know or if you have a recommendation for a different section of the forum to place this topic in.Thanks in advance - reading here the past 2-3 months and listening to the present and old podcasts during the week has led me to rethink the path I was on and set some clear and concise goals for myself.  

If your credit and income qualify, you won't need the 20% down, IF you plan on owner occupying.  

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.Download BP’s newest book here some good due diligence in Chapter 10.

@Karen MargraveI intend to look class B and C SFR beginning with the rental of my current home and most likely moving to owner-occupied annual purchase to begin with.

If the owner never gave one permission to occupy premises and has taxes up-to-date then that would just be simple trespassing.

As long as you have occupied your primary for a year then there shouldn't be any issues using the property as a rental.

There is no limit on the numbers of financed properties if you are buying a owner occupied property.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.