BRRRR for primary residence

[Craig Lively]

I realize this is not a true BRRRR as I will be removing the "rent" portion of this, but I would like to apply the strategy nonetheless. Please tell me your thoughts on this. I purchase a home with OPM (private, or hard), rehab in 3 months, move in as my primary residence, refinance with local credit union or bank, pay back investors. What pitfalls/roadblocks do you see me running into? Has anyone done this? Is there a potentially easier way to do this than what I have described? Thank you!