Going to try a hybrid BRRRR with a 203K loan.Need advice!

[Kenneth Silva]

Aloha BP family. So I am a newbie in the REI world and want to try a unique BRRRR based on the current situation/ portfolio I have. Currently I have 2 single family homes. the 1st I rent out and the 2nd I live in. The first homes rent covers both homes mortgages. I want to use a 203K loan to purchase my 3rd home and use the BRRRR strategy. Except instead of renting it out after renovations I will live in it (due to owner occupancy rule) My goal is to rent out my second home to cover cost of 3 mortgage. When I finish renovating that 3rd home i will refinance and cash out equity and repeat process on my fourth with a more conventional loan and True BRRRR strategy. This strategy/ idea, i believe should work but this is will be my first "Rodeo" with an REI strategy. Please share as much input and feedback.
 Mahalo🤙