Live in BRRRR. Will this work?

[Amy Lee]

Hi everyone. Thank you in advance for all your advice. I love the people here.

I was initially looking to househack a duplex with FHA but the MLS market isn't very active for the area I'm looking at. At this rate, I may run into finding a property in the winter time (or 2024) and having difficulties finding a tenant as well as someone to take over my lease (im at month 4 of a 15 lease).

I wanted to consider a live in BRRRR strategy where I find a distressed property on MLS with a 5% down conventional. Im not sure if sellers on the off market/wholesale side would be inclined to take a conventional loan offer vs a cash offer, thus MLS is what I was looking at. I would use a credit card or home depot project loan to cover all the reno costs. Hoping the reno added equity and I have at least 20%, I would cash out refi to pay off the rehab costs and use the remaining funds for an investment property going into the brrrr cycle. The initial property, I would live in for about 2-3 years as a primary.

Does this make sense to you guys or am I patching up plans that are weird...