USDA and FHA combined?

[Ryan Montelepre]

hello BP!

Just a synopsis before i get to the question. I have gathered a few guys to partner with me over the next few years. One guy has a great credit score, but recebtly lost his job after 12 years with his company. He is no longer interested in pursuing that kind of work or form of employment.

The other guy has liquid cash limited. But is in college and plans to stick with his career. He wants in on any deal as to expand his income streams.

I have decent credit(655), and have 6 years in my career industry. Currently have about 20k in cash to use on a deal. Here is where it gets tricky.

I own a home, on an USDA rural development. I bought the home in 2010 and have spent the past several years doing a SLOW live in flip. The home is close to being market worthy. 

Here is my question.

Is it possible to use an FHA loan to purchase a MFR while still currently owning my primary on an RD Loan? My plan is to put the house up on ththe market in about 6 months and use the overage cash to fund some more deals.

But if I can get an FHA now i would be able to jump start my REI dreams. With these guys funding some of the rehabs.

Does anyone know if this is possible?

At the moment my income is about 40k.

Louisiana investors...anyone dealt with this or have seen it done? Open for any help!

Thanks BP!