Met a young couple last night at an investor meeting in Charlotte... MetrolinaREIA. They were talking about purchasing a home and in a couple years having it be their first rental... We discussed a mixed use building as a starter home and units all at the same time. Maximize the rental property aspects if they are gong to be an investor. Living in the property makes it a big advantage to the 'hands on' owner. it is important that we get these new investors thinking a little differentlly than they sometimes want to. good luck... by the way, this is a great way to get involved in the 203k.
Owner occupants can use the FHA 203 while investors and second home buyers should use the FannieMae HomeStyle Renovation loan program.