Primary Residence vs. Investment Property

[Tim Heindl]

Hello All,

I know there are several posts here on BiggerPockets regarding treatment of primary residence vs. investment property but this question applies to my specific situation.  We are looking to purchase a rehab, make renovations, and sell within 6 months.  Clearly, this falls into the investment category.  

However, the property is closer to my work than my current home and my family situation would allow me to live there full time during the rehab.  Can I finance this as a primary residence (even though I have intentions of selling short-term) by living there during the rehab?

Thanks!

[Brent Coombs]

I suggest: just change your mind - make it your primary for 1 year+, and go for all the FHA-approved low deposit stuff, perhaps with 203k rehab loan thrown in?

Do you really want/need to put yourself under such a tight timeline, unnecessarily? 

[Note: Even if your current primary is an FHA loan, you might be able to refi out of that one first? Afaik, the only hiccup (so long as you have enough equity) would be that being so close to your first primary, any income from that one won't be included in your DTI]. My 2c...