Multifamily renovations

[Robert Cook]

Hi there, 

I am purchasing my first multifamily in June of this year. It is a triple decker in Central MA that is currently owned by my mother. She is no longer interested in maintaining the home and would like to sell it for me. It is structurally in great shape, but needs some renovating and updating. 

The home needs a new roof, possibly new Windows, an interior and exterior paint job, new appliances and a few other minor things. 

I am weighing my options but need some input. 

I am leaning towards a 203k loan. I understand I must occupy the residence in order to obtain this loan but am wondering for how long? I hear minimum 1 year, but would like to be positive as I do not wish to occupy the property longer than that.

My mother will remain in the first floor where she lives currently and will pay me $1000 for the unit, I will live on the second floor for as long as required, and then spend the first month or two getting the third floor apartment to rentable standards, and then receiving an addition $1000 for that unit. I then plan to leave after my required owner occupancy and rent the second floor out. 

I'm am getting this home for WELL below its appraised value since my mom is the seller and although I'm still a little ignorant on the details, I understand I would be walking into a deal that will give me a ton of equity. 

I guess my main question is whether or not it would be a good idea, or even possible, to obtain a 203k loan for the price of the house + enough to cover one or two of the major issues with the house (roof or windows and then some updated appliances) and then take out a home equity line of credit (when and if I'm eligible) and take care of all the minor work while still living there. Or if I should use the 203k loan for everything needed. There are a few things I would like to attempt myself (hanging drywall over the old horsehair plaster and painting all the rooms) but I understand with FHA, an approved contractor must do all of the work. I will have very little/ no money out of pocket to put towards renovations right away.

If anyone has any suggestions, please let me know! 

Thanks!