Owner occupant (203k clarification)??

[Dave Kennedy]

Anyone know what owner occupant really means in the 203k renovation loans?

I am thinking about buying a house that needs some work. I'd be going 50/50 with a friend and right now the best option looks like the 203k. It rolls the renovations into the loan and it only requires as little as a 3% down payment in some cases.

I've read a lot about the program on FHA and other sites so I understand a good deal of how it works.

One thing I haven't come across is what the requirements are for being an "owner occupied property". It's NOT for investors.

I understand it needs to be your one and only residential home. But how long do you need to live there to be considered a resident? Can you buy the house fix it up while you live in it for a year or do you have to be in it 2,3 years....etc.

I can't find a time.

Can you go into the deal with a biz partner like this or does that qualify you as an investor?

Thanks,
Dave