FHA loans require living in the home as your primary residence for 1 year after purchase.

Context:I’m seeking advice from those experienced in real estate investing and financial freedom strategies.I recently bought a multi-family property in Newport, RI, using my VA loan for $695K.

Same tax situation and more likely higher potential to appreciate faster.

Refi the house so they can continue to live in it, they will get the best loans on their primary residence.

Since the original loan was apparently for a primary residence an LLC could never qualify because it isn't a person who would owner occupy the property. 2.

Since it was over 12 months with my HML, I ended up taking the property under my name with a 30-year conventional loan.

You said that you are applying for an FHA loan so it sounds as though you'd be living in one unit. 

My plan is to buy the house subject to their existing mortgage, renovate the property, refinance it and pay off their remaining loan balance using the money from the cash out refinance.

The plan was to utilize the HELOC as the down payment then getting a conventional loan to cover the remaining 80%.

Over the next 5–10 years, I plan to scale to a portfolio of rental properties and eventually diversify into syndications.I’m particularly interested in the Lynchburg, VA market and other areas with strong rental demand.What I Bring to the Table:I’ve been saving aggressively, and I’m exploring physician loans to help get started with minimal upfront costs.I’ve done a lot of reading (shoutout to BiggerPockets books!)