203K rehab loan + mortgage worth it?

[Braden Coleman]

I'm looking into purchasing an older multi-unit house in Indiana that would also be my primary residence. Everything has checked out to be good and nearly new so far(roof, ac, water heater, hvac, sub metered etc.) but we would like to paint, new carpet, update kitchen and bath etc. 

Therefore we're looking at the 203k loan option, paired with a mortgage for the home and then refinance them into one loan 6-12 months down the road. I've never had a mortgage before so I'd appreciate all of the help and input possible on this form of lending, especially the 203k load side of it all. 

If you're also a lender who has done these before/does them actively, I'd love to talk and better understand the process. 

[Tom S.]

@Braden Coleman  Not sure what you mean by "paired with another mortgage".  I assume the 203k loan would be a 1st position mortgage, and if you already have a mortgage that's 1st position, it couldn't be done.  Maybe get the new 203k loan and it pays off your existing mortgage?