It will enable you to use and reuse the money as you go along.  

This is element #1 of my strategy - leverage an existing track record.During our call, I pitched him on me bringing my skills (general business management and marketing/advertising) to the table in exchange for the opportunity to use them - i.e. he would enable me with his skill set and I would help him to scale, using his track record as a springboard to craft a win/win situation.

Objective is to purchase a an owner occupied 3/2 duplex or triplex, with a 75-80% ARV (for under $325k; financing 80-85% via conventional mortgage via portfolio lender), in South (north of William Canon) or Northwest Hills of Austin, Texas that generates enough rental income to pay my mortgage, taxes, and expenses enabling me to live rent free for a year and then cash flows positive the year following (so I can purchase my next property).

I was able to lever smaller properties I had and show a track record that enabled me to syndicate a $4 million fund, then another $15 million one.  

If I was able to package my house into the commercial loan, I would free up my FHA status enabling me to purchase a duplex-4plex for me to live in and rent out the other portion.Any thoughts or ideas, or references would be appreciated.Thanks in advance

CMHC-insured financing can help open the doors to homeownership by enabling homebuyers to purchase a home with a minimum down payment starting at 5%*.Features Loan-to-value ratios up to 95% for 1 – 2 unit owner-occupied properties.Loan-to-value ratios up to 90% for 3 – 4 unit owner-occupied properties.Down payment flexibility — In addition to traditional sources, non-traditional sources of down payment are permitted for loans with loan-to-value ratios from 90.01% – 95%.Flexible financing options — single advance and progress advances are available.CMHC-insured mortgages are portable — helping to reduce or eliminate the premium on the purchase of a subsequent home.CMHC homeowner mortgage loan insurance is available to a maximum of one property (1 – 4 units) per borrower/co-borrower at any given time.CMHC offers mortgage loan insurance premium refunds for homeowners who purchase an energy-efficient home or purchase and make energy-saving renovations to an existing home.

I am really trying to figure out the best career route that will enable me financially to move quickly but wisely.

I am a musician and currently make only 30K/yr gross as I have for a few years now.  

My goal is one year of upgrading to bring the value of the property up, moving and raise the rent to $1750-1800 for both units (My realtor suggested those number because of the area and comps)I qualified by myself for the loan so that it enables my wife to seek a loan for the next rental property.

@Mark BroganThose who deal with wholesalers have to know they are getting on the circus train full of clowns, they also add to the problem by buying from the clowns, almost like co-conspirators enabling the wholesaler to act as they do, all for the sake of trying to get a better deal.