Looking for feedback on pursuing a 203k Loan

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I am currently looking into using a 203k loan to purchase my second property. I would love a multi family, but if its not in the cards, I am fine with a single family. I am simply looking for general advice and feedback on experiences with this type of transaction.

My situation is as follows.

Purchased a SFH in May 2016 for $96,500 with an FHA loan for my primary residence.

In Summer of 2018 I am looking to refinance to a conventional loan because I believe I will be at 20% equity at this point, if not I will wait a bit longer.

I would like to maintain ownership of this home and rent at a rate of $1000/month.

For my next property I would like to purchase a home that qualifies for 203k financing. I'd prefer multifamily, but am not sure my finances will allow it. 

My real questions/concerns lie here.... Do I need to have my current home rented prior to applying for financing for my next home? If so, for how long? Also, does anyone have any general advice in pursuing a 203k loan? Do's/don'ts?