New to BP. An intro and a question.

[Louis A Buono Jr]

Hi everyone.  I'm Lou and I'm new on BP.  I live in Staten Island NY which is actually the forgotten 5th borough of NYC.  I grew up in the flooring business and now have taken the helm since my dad's retirement.  I've also done some general contracting and fully renovated my first home myself. I've been working in multifamily buildings since I was about 18 with the flooring business, and I was always fascinated at the thought of owning one.  I bought my first two family home 13 years ago.  My ex wife and my 10 year old son and 9 year old daughter now live there, and I'm nearby in an apartment.  As of recent, I've come to accept that my son, who has extensive special needs, will be far better off in life if I can have a business set up for him that will generate passive income. So this has been the impetus behind my recent determination to finally get started at 40 years old. 

I had planned on buying myself a home early next year, but then decided multifamily was a better option for me. Since yesterday's seminar here on BP, I've read about FHA 203k loans and figured this might be the way to use what I'm good at (renovation), and to get three things I really want (a home, rental income, and a start in multifamily investing). I'm usually a very decisive man, and this is why I'm able to run my flooring business so effectively. However, I'm here now as the guy with no experience and so I have a question. Is it possible to use a 203k loan to buy and renovate a 3-4 unit, live in one unit, and refinance out the money I put in (assuming the numbers allow for it)? I figure I can build more equity than others who aren't in the business of home renovation. I'd like to be able to pull the money out so that I can reinvest in another multifamily ASAP if I go this route. To me it seems like the right move, but I figured I'd check in for some friendly advice. Thanks,