BRRR + House Hacking

[Michael Rajnherc]

Hello Everyone!  

I just had a quick theory question that I wanted to throw out there. I was wondering if it is possible to use an FHA 203 loan in order to fix up a duplex that is in foreclosure. For example say one of the units is livable, while the requires some interior work in order to be rentable. With this in mind, I was wondering if it possible to live in the one unit and use an FHA 203 in order to fix up the other half. I imagine I would then rent the other side and then try to utilize refinancing in order to "take out" the initial investment. Thanks for any input!