Homeready Mortgage to finance multiple properties?

[Nick Drago]

Hi,

I am from Omaha, Nebraska and I am just getting into my first deal, using HomeReady mortgage to finance it. I did get a 3% down payment on it and the rate was really low and it was super easy to get it.  I wondered it is possible to buy multiple properties (not at the same time) using this type of financing. Here is what I was thinking:

1. Buy a property using HomeReady.

2. Move in and fix the property (my intention is to actually live there for a couple of months as my primary residence).

3. Find tenants to pay for your loan and move out.

4. Contact my lender to see if I could move the property into an LLC and if they don't allow I would refinance it.

5. Once it's under an LLC I would buy another property using HomeReady loan...Rinse and repeat.

I was just wondering if such a thing would be possible in any way ( since I don't want to break any laws!) and If not, why?

I would really appreciate any suggestions and any other similar ways of doing deals?

Thank you for your time and your expertise.