Is it possible to get an FHA loan on a property that you live in after already receiving a more conventional loan to purchase investment property?

Not sure of exactly the number of days u need to stick with the fha203k but 1 year is enough to refinance to a more attractive loan.

@Chandra Minter, You requested a more in-depth explanation of master leases (master lease option/MLO).

Establish a minimum you need, and then the rest can go towards buying more properties, or perhaps a more aggressive growth account/investment.

Also, obtaining a more attractive debt to income ratio is something that I've also identified as a potential hurdle I will need to overcome in my early years, but it does not seem to be an impossible task. 

I've gotten quotes in the range of $3500 but continue to call local providers until I can find a company with a more reasonable rate. 

House hacking will most likely allow you to purchase a property in a more desirable area than if you needed 25% for a investment property mortgage. 

We will be raising rents to market value and improving the units to a more modern look.

If you can't find a proper deal in the meantime consider trying to find a more flexible living situation such as with a friend or a short term situation via craigslist.

I am taking it upon myself to set a more strict personal budget as well as creating a business plan.