--> This is my plan.

Also, you could consider buying something with "hard money"; this comes at a higher interest rate, but you might be able to get into a property and either flip it or refinance it.

Also It seems that in my city this doesn't exist with a duplex, triple etc.. 

I looked at about half of those resources and realized that you had no clue what you were talking about.

I wrote the above for informational purposes.

The information contained in this post is not to be relied upon.

Closing costs, necessary cash reserves, and the expenses to get a property market ready are more than most first time investors think.I have nothing to sell and would be happy to help if you think that I can be a resource.

For a city with such a large metro area and a growing economy, I believe it’s only a matter of time before this disconnect resolves.

If you go this route, consider hiring a trusted property manager local to the area who knows the market well.I have personally owned and managed a multifamily property in Illinois and after selling it I said I would never invest in that state again.

This step by step process is all laid out in Scott Trench's book "Set for Life".