Combining 203k loan, house hacking, and brrrr

[Adam Hermsen]

Hello everyone, I am curious if anyone has experience using the FHA 203k loan? I am interested in learning more about that process.

Ultimately, I am wondering how feasible it would be to find a 2-4 unit property that needs some work & updating.  I would plan on using a 203k loan to for the mortgage and repairs then live in one unit and rent out the others.  My goal would then be to refinance to a conventional mortgage after 9-12 months, and then find a new 2-4 unit property I could move to using another 203k loan.  

I wouldn't need to receive any cash out from the refinance but hoping with the refinance, I would end up with 20%+ of equity in the property while only investing my original 3.5%-5%.

I am new to REI and this would be my first property (looking to purchase in 6-12 months) and would be happy to hear any input or feedback on advice, challenges, or concerns from this group!

Thank you,

Adam