This strategy, "house-hacking", is talked about in detail on the forums and in many of the BiggerPockets books.

At the end of the day, if you complete a business loan application and provide all of the required details and documents, and submit a full loan application package to them, I’m sure they will call you back to discuss your intentions of getting a loan.

@Piotr Staron  I would be interested in the details on the Sch.

That being said you really should annalyze each deal one at a time in complete detail.

Did your seller provide a move-in sheet, that details the condition of the home when they moved in?

Here are some details on it as well as financial projections. 

Property and Loan Details 3 FamilyLocation: New Britain, CTPurchase: $123,000Rehab budget: $55,300Down payment: $18,450 (15%)Loan principal amount: $104,550Total Loan (principal plus rehab): $159,850Appraised as-is value: $125,000 (pre-rehab)Appraised ARV: $255,000Loan Terms: 9.99% for 12 monthsInterest only payments each monthPoints: 3.5FinancingThe hard money lender had a few programs.

Will find it and inbox you the details.

I have talked to several loan officers, most detailed with my personal bank (SEFCU) and they offer an FHA loan, but not a 203K loan.

@John Patterson - If you provide a little more detail on the potential deal you found, we can provide better feedback.