Starting live in then rent

[Richard Updegrove]

I live in the Denver area and I'm getting pretty serious about purchasing investment properties. My current home has been refinanced to a conventional 15 year loan. I'm thinking about refinancing again to a 30 year loan to get more cash flow. My current home would become my first rental. Also, I like the idea of finding a foreclosure in my area and putting down the minimum on an FHA loan for my next home. Is that possible? I've read that you can purchase foreclosures with FHA loans but I don't know much about that process. A 203k loan also sounds intriguing but I'm not sure how to go about that. I would plan on living in this home for around 2 years and repeat the process after refinancing to a conventional loan. My credit score is around 760 and rising. I would appreciate any advice or suggestions on my strategy.