Using FHA to buy multi unit while rehabbing flip?

[Danielle Cage]

Hey all,

So I flipped my first house in 2017 and took a little break afterwards. I recently decided that I want to purchase a multi unit using an FHA loan. My lease is up in August, and I have it narrowed down to exactly what and where I want.

In the meantime, my broker contacted me today about an off market SFR flip that an investor of hers cannot finish. She wants to know if I'm interested. The numbers are there, so of course I am.

There's no way I can close on, rehab and sell the flip by the time I would be closing on my multi unit. I've heard that if you currently own a property, you cannot use FHA to buy a second one. To be clear, the flip will be purchased with hard money in my LLC's name. It will not be a primary residence ever.

My question is this: Will I have a problem trying to close on an FHA loan if I currently own a home in my LLC name that I'm flipping?

Thanks!