You're going to want to leverage house hacking or creative financing to get to 4-6 properties in just 3 years. 160k would be enough for 1, maybe 2 deals the conventional way, and with your current income, it would take you a few years to replenish your war chest for another deal.

You can use conventional financing, up to a fourplex, and if you live in one unit you may reduce some of the property tax for the space you live in as it is your primary residence and you can also buy with very little down as opposed to buying it strictly as an investment property.Duplexes are a great option and you generally also always have at least one paying tenant and can be bought similarly.

The stipulation with conventional and FHA loans say you intend to occupy the the house for at least a year.

I will be doing a conventional 20% down. 

conventional so no assumable for me then.Quote from @Jay Hurst: Quote from @Christian Latimer: Conroe, TXMy friend is moving.

@Kala SamuelTo start investing in real estate, define your goals and strategy, choose a market with job growth, population growth, and rental demand, finance your first deal with FHA Loan, conventional Loan, or Hard Money Loans, find the right property, build a support team, make offers, inspect the property thoroughly, and manage wisely.

or a conventional/DSCR type 30 year fixed?

I think you have about 90 days to move into the property for an owner-occupied loan but I am not sure if that differs between FHA vs. conventional - @Zack Karp or @Jose Valdovinos could confirm that...Either way, I'd follow the advice of others above...give the seller two or even three separate offers that work for you. 

If you can qualify for conventional financing, a HomeStyle Renovation loan by Fannie Mae will let you do property improvements and not need to do a refinance once completed! 

Here's a quick breakdown of why they might be a good fit for you:No Personal Income Requirements (No DTI): Unlike conventional loans, DSCR loans don’t rely on your personal debt-to-income (DTI) ratio.