refinancing out of a joint venture

[Matthew Barnauskas]

I recently entered into a joint venture with a lending company to do a fix and flip. It was an off market listing and the seller would only take an all cash offer so I was limited with my options. This was supposed to be a quick in and out however structural issues arose that weren't found in the inspection so it is going to take much longer than anticipated. This could be a blessing in disguise however. This property is a duplex. My question is would I be able to purchase this property outright using an FHA 203k loan and move into the property once renovations are complete. This home is on a double lot and their is potential to build another duplex. A lot split is 100% able to happen. My plan would be to live in the property for a year refi out of the FHA loan (Ill have about 60% LTV after repairs) then get a construction loan and build another duplex. I would do a BRRRR with this new build. Rents on the property I am rehabbing would be $1200/unit (ea. 2 bed 1 bath). The duplex I would build would be a 3 bed/2 bath ea. unit and would garner $1500-1600/unit. Does anyone have any experience with anything like this. I know its kind of a unique situation but I think it has some potential. Any advice on this topic would be great. Thanks!