May I use a 203k loan with an existing primary residence?

[Tony C.]

Hello BP,

If one has a primary residence that has been rented out for more than 5 years, has an existing conventional 30 year fixed loan on it, and will continue to be rented out going forward..how can the same owner (who does not live in the primary residence) acquire a multifamily property with a FHA 203k loan? Assume that the owner will live in one of the multifamily property's units. Is it possible?

Thanks!