Possible cash out refinance deal.

[Dillon Fraioli]

Hi everyone, so i have been on the hunt for a mutli family in my area for quite some time now. Average price of a single family home in my market is 500k+ and 2 family's start around the same. I was presented with an opportunity recently that deviates from my original plan but i still thank may be a good one. An old man in my neighborhood has passed away and i may be able to get the house before it goes on the market. I may be able to get in the house for 300k, needs about 50k worth of work. ARV is approx 450k according to recent comps, maybe a little more since it will be rennovated (i will do alot of the work bc i am a contractor/plumber) So my question is, is there enough skin in the deal to buy the house for 300k with an fha loan (not a 203k), rennovate it with my money (approx 50k maybe little more) and then refinance after the 6th month seasoning period and pull some cash out, if possible. Keep in mind this would be me and my wifes first real estate purchase, its in a neighborhood we LOVE, and we are currently living above my parents, so we are kind of looking to move into something bigger anyway, so its a little more than a straight investment decision for us. We could live there for a year or two and then sell it also, like a live in flip. But my main objective jwould to try and cash out refi it if possible... thanks guys!