First time home buyer-need advice?!

I'm 28 years old, living in California, with 50k in savings and have an income of about 75k a year. I'm currently not working but have great credit, so I'm wondering what my options would be for buying a small property. (My family can also co-sign if necessary)
I know first time home buyers can get a reduced down payment option. Ideally I'd like to find a 2 bedroom for around 200k and rent out the one bedroom for a 2nd source of income.
Would this be possible with my current financial situation?
What can I expect to pay in mortgage/down payment and would it be a smart move to invest in a property rather then just move into a rental?
What else should I take into consideration? Any tips will help!
Thanks.

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