"House Hacking"
One really great way to get your foot into the real estate market is utilizing a strategy known as "house hacking". The premise is very simple: You purchase a home, and then rent out the extra rooms to friends/family/whoever looking for a place to stay.
These can either be additional bedrooms in a single family home or they can be a multi-family (duplex, triplex, fourplex) or even an ADU, garage or basement apartment, although some of these require significantly more investment.
If you wanted a sort of middle-ground, you could try a "BnB"-style rental situation with only short-term renters.
Who is it for?
Young single people
Who don't yet have a "full house" and want to own something and benefit from the equity, but maybe can't afford a typical mortgage payment on their own, want to offset their costs, or maybe they just want to live for free!
Investors looking to build a portfolio
Conventional mortgages typically have much better financing terms than investment mortgages, so it makes getting your foot into "investing" much easier, as your profit margins will be higher.
You can save up the income you receive from your renters, and once you've lived in the home for (typically) 12+ months, you can purchase another property and then you will have 2 properties, both with conventional financing. Rinse and repeat.
If you saved up enough money you could even slowly upgrade your standard of living as you acquire new properties.
Mrs.Murphy Exemption
The Mrs. Murphy exemption is a provision in the Fair Housing Act that exempts certain small-scale landlords and allows them to be more selective about prospective tenants. Specifically, it applies to owner-occupied buildings with four or fewer rental units.
The Mrs. Murphy exemption is codified in the Fair Housing Act, which is part of Title VIII of the Civil Rights Act of 1968. Specifically, it is found in 42 U.S.C. § 3603(b)(2).
Texas law mirrors the federal exemption in V.T.C.A. Property Code § 301.041
Benefits
List above, plus increased oversight over tenants to ensure they're not slowly destroying your property and you find out 12 months later.
You can afford a nicer house that won't need as much maintenance.
What is, for most people, their greatest liability, suddenly becomes your greatest asset.
You're not "locked in" to a certain home in a certain geographic region, you can go ahead and move every ~12 months.
Diverse Income (income other than your primary job).
Risks and Challenges
Obviously the big con here is that you're living with a bunch of other people. Is that worth it? Well, that's up to you!
You're a landlord so obviously you have to deal with all of the associated responsibilities, including collecting rent. Friends and family may be more likely to walk over you and enforcing that obligation (up to and including eviction) could lead to the end of such a relationship. So this could be a large stressor for you.
Collecting a bunch of properties will leave you with a huge debt that you'll have to find a way to settle at some point.