Adding units after FHA

[Kimberly Scott]

Hi everyone :) I have a question about FHA 203k loans and cash out refinancing options. I know I can't rent a home purchased through an FHA, but I could refinance it in 6 months. Are there any laws preventing me from using that money to purchase a rental?

Also, as a side question, do you all tend to get as much money back from the refinance as possible? Or is it more prudent to take some out and supplement it with money  I have saved?

Thanks!!