Interest Only for Multifamily

[Juan Contreras]

I need thoughts on using an interest only loan for a multi-family. I'm considering purchasing a multi-family home to house hack using FHA. However, I'm considering using an 5 year interest only loan rather than a principal & interest FHA loan. The property currently has 3 rental incomes which, if I use an IO loan, will pay the mortgage entirely and provide a profit. Therefore I can use the cashflow to make necessary renovations and save for the unknown, gaining over 150K during the span of the IO loan. I don't see myself holding on to the property for more than 5 years.

Thoughts on using IO loan?