Buying a home to live in and buying a home to rent are two very different transactions. Everything from the laws that pertain to the loan to what rights you have as an owner are different. If you buy the home and live there for a full year, it is unlikely that you would have any problems with an owner-occupied loan. HOWEVER, if you state that you will occupy the home and then turn it into a rental in less than 1 year you could be in some serious trouble.
When you are buying a fnma or a hud reo, during the first look period, as owner occupant, you may have to sign an occupancy affidavit. I am not sure what the ramifications are if you turn it around and make it a rental.
You can have both your personal space and a seperate rental side of your new home.
You dont have to be living with your tenants or just have a rental home that you dont live in.
Have other people paying your mortgage for your home.
But you dont have to own your own home first before you purchase a rental.