BRRRR strategy on a FHA 203K SFH?

[Jay Brown]

Hello, I'm Jay and I'm a local investor in Oakland and Wayne County area. 

Currently I'm looking at a deal in the Redford,MI in which it's a SFH that would make a good BRRRR candidate. I'm looking to pick up the home for around 40K and will appraise for around 125K once all the repairs are done.

With it being a FHA 203K mortgage,I can't rent it out since it's a owner occupied home but I also can't leave my living situation either at the moment. So should I bite the bullet and let it sit there for a year or what?

Also If I do, when is the soonest I can look to do a refinance on the property? The goal is to do a cash out refinance into a conventional mortgage and rent it out.