FHA (203K) Loan - For Residential Income Property

[Greg Pereira]

I'd like to get an FHA (203k) Loan on a quadplex in East Fort Lauderdale, but I have a few questions that I'm not too sure about.

1. What are the time constraints to re-sell the property? Meaning, do I have to wait 5 years to be eligible to re-sell it? 1 Year?

2. Would my business partner & myself be able to take out 2 FHA Loans on one quadplex?

The goal here would be for each of us to live in our own unit that we are claiming primary residence on, while leasing out the 2 remaining units. This way, we could repair our units first, then move on to the 2 remaining units when time permits.

Not sure if this is possible, but I'd like to hear the member's feedback. 

Thanks!!