Legal/Possible to use Private Money for an Owner Occupied?

[Richard Cook]

Hey all, haven't been able to find the answer so hoping some people out here would help. 

Here's the story - we're moving to Panama City, FL at the end of the year. I own our home here in TX and will be renting it out when we move, also own another rental I flipped here in TX that is now occupied with tenants. 

One strategy I'm considering for our stay in FL since we will likely be there for such a short time (9-12 months, possible 3 years if my military orders are extended) is to buy a nice home that needs a little bit of work and prettying up - nothing too extensive of a rehab since we will need to live in it in a few months. Getting the repairs done and moving in. When we go to move we will have a freshly 'flipped' home that we can sell so the tax burden won't be so bad since we occupied it and it was a long term hold. 

My question is with financing - since I want to close fast to get repairs started and a 'cash offer' will also help me get a lower price, does anyone know if it is possible to use a private lender or capital company if we'll be occupying the house while we're in FL? Is it illegal since there are so many laws for FHA and other owner occupied loans that they have to follow with underwriting, appraisals, etc...? I imagine best option would be to get a private loan at 8-10% amortized for 30 years on the repayments for the purchase. I would cover the rehab and closing costs, and would sell it in a year. If we're extended, we'd just cash out refinance to pay off the private seller and either use my VA or get an FHA loan on it.

What are peoples thoughts on the possibility of this or any private lenders that would be interested in a deal like this? Thanks in advance!