To navigate this, consider options like keeping your current home as your primary residence while house hacking a multi-unit property, using the HELOC funds strategically before moving, or exploring alternatives like a bridge loan or cash-out refinance.

If the goal is to refinance within the next couple of years it could make sense. 

Additionally, how are you navigating the refinance stage, with lenders tightening up are you still Able to generate your desired profit by refi? 

We help our clients:1) Find a fixer-upper to buy2) We get bids3) Negotiate a Scope Of Work with the owner using "Maintain to the Neighborhood" to avoid over-improving, but understanding we will have to pass city Rental Inspection to avoid being a slumlord.4) Provide multiple jobsite videos to show progress and document WHAT was done and the QUALITY.5) Handle passing city Rental Inspection6) Find a tenant with a Replacement Guarantee per Class7) Assist with refinance, so client can repeatSo, why you looking OOS again?

You will live there for a year, hopefully get some equity so that when you refinance into a conventional, you can cash out, but in this market that is pretty unlikely.

One of the biggest risks I observe with flips and first time investors are instances where the project goes over budget or gets stuck in mud, can't sell and even worse the borrower doesn't have the credit profile to refinance out to a lower interest lending source if borrower is required to hold the property as a rental. 

That will allow the CFPB to investigate your loan and then others through a QC or audit if they feel its a recurring complaint.If you find yourself in need of advice or want to talk about anything related to multifamily rentals purchase or refinance please feel free to reach out. 

I would then renovate, rent, and refinance.

You can refinance an FHA loan in as little as 6 months if there is enough equity.

Risks and ContingenciesWhat happens if I can’t sell or refinance the property within the loan term?