203K FHA BRRRR combo

[Tyler Goulden]

As I have said in previous posts I want to focus on larger commercial properties. However I still want to start off with one 4plex to house hack. I was wondering if you can BRRRR with a 203K loan. I would like to get into my first 4plex with a 203K loan, and then I was wondering if I can cash out refinance....and then take that money, and open an FHA loan to get to a second property relatively quickly? I just don't know if I can legally live outside the property after the refi since a 203k loan is an owner occupied? I also didn't know if I can open a second owner occupied loan (FHA) after the REFI since you can only have one of those loans at a time. If this strategy is legal I'd like to get two 4plexes this year and then start saving aggressively to get into 16+ unit apartments within the next 3 years. Thanks to everyone in advanced!

-Tyler