HELOC soon after purchase with FHA 203k loan - is it possible?

[Alex Chennault]

I'm considering making a fixer upper home purchase using an FHA 203k loan type to leverage a 3.5% downpayment. The rough details are:

• Purchase price: $320,000
• Close date: 5/30/22
• Est. reno costs: $105,000
• Reno completion: 7/30/22

Within 6-8 months of the renovation I would like to be able to take about $40,000 out as a HELOC for downpayment on an investment build. Would this be possible? If not, is there anything I can do to make it happen like refinance into a different loan type, etc. - do I have any options? Happy to provide additional info / context if it would be helpful.