I am planning to acquire a 4 unit building in Chicago to rehab and owner occupy a unit. My original plan was to use the FHA 203k rehab loan to acquire and rehab the property. However if I were to spot a really good deal and needed to close fast, I would consider using a HML to acquire/rehab and possibly refi into a FHA 203b to pull some cash out for other ventures. I've heard the 203k can be pretty tough to deal with on the servicing/work approval side.

Are there seasoning requirements for refinancing an owner occupied property in this situation. I know it was 90 days for selling to another party, but is that true when you already own it? Are there other, more ideal steps than this to take?

Thanks for any constructive input!