203K or Homestyle to BRRR?

[Naomi McMahon]

I need some advice on a 203k or Homestyle loan.

I have not yet started down my investment journey other than researching at this point. My husband and I have a two year lease that's up in December of this year. At that time, we would like to buy our first home but also don't want to burn through all of our capital on a primary residence when also looking to invest. With that being said, I've been researching 203K loans. My thoughts are that I can buy a fixer upper, force some sweat equity, and then refi after the seasoning to pull money out to invest. However, everything I've found basically sums up to those types of loans being a giant pain in the ***.

Does anyone have experience with a 203k or Homestyle loan? What was your experience, and do you think my plan is feasible?