Using FHA to start BRRRR?

[Craig Kaspar]

I was wondering if using an FHA loan to get started in the BRRRR method would be practical? An FHA loan requires 3.5% down and I would have to live in it for one year. If I were to add equity to the property by rehabbing it, would it be possible to do a cash out refi and use it to get a down payment on a second property using a conventional loan while still living in the first property?