Buying a rental property and home loan at the same time

[Geoff Bremner]

My wife and are about to remodel our home and a garage with in law suite . I have been digging around and reading a ton of books on investment rental properties. I had a idea that while my current home is being worked on I could buy out first rental property and do some work on it while living in it to clean it up and rent it . I think it would be in the style of a brrr property . But livable while my wife and I work on it . I would be living in the new rental property for say 6-8 months while my home is being worked on, would it be possible to get a 203k loan or a fha loan and then move back into my current house when the work is all done ? Has anyone else tried this method before . Or would the bank not lend to me because I would be taking on 2 different loans at the same time .