Refinancing a property with shop/living?

[Tyler Sawyer]

Just a quick run down of what is going on.

Looking at a property that has a couple acres with a house that isn't livable and would take a large remodel.  I can get a construction loan but the amount of money need to fix up the house puts it use over our qualified amount.   So my thinking was to purchase the property with hard money or private money and build a shop with living quarters since I could do that relatively quickly.  I'm a contractor so I could do this myself, where through a construction loan I have to hire a contractor do it for me.  Then once the shop is done I would like to refinance then start putting sweat equity into the home.  My only issue is could I refinance with a shop/living?  Or is it possible that would I be stuck with my other financing until the house is done.

Any insight would be much appreciated.