203 K for starting out

[Michael Doyle]

Hello all. I have been seeking ways for my wife and I to begin our own solo real estate investing. I have partners and we have bought a couple of fix and flips but I have done nothing on my own as I have been relying on my partners credit lines and experience. I still intend to continue working the partnership for sure but my wife and I recently sold our home and moved into a rental. I am sitting on the proceeds of my sale and one of the strategies my partners and I are working on is multi-families. My wife and I however would also like to transfer back into home ownership/ slash personal investing. As an example, I found a house that is going to sell in the spring and have already contacted the owner. The place is in a great neighborhood but needs a lot of work. Because I have owned 2 homes in the past, my question is would I still be eligible for a 203k rehab loan assuming we moved into the property? We then would want to refinance and use that capital to repeat the BRRRR process. Is this a reasonable scenario?

Thank you