FHA 203k Loanfor all 4 units or only owner occupied unit of apts
Hello all, I'm back after a brief period and been reeducating myself on everything I learned last year. So here I am, future rehabilitation center therapist, graduating from a graduate program in two years, looking to obtain a FHA 203k loan to move into my own investment property(duplex, triplex, or quadruplex) with only 3.5% down(the terms of this loan) and obtain rehabbing financing. My question is, lets say I move into a duplex, and I stay in one unit(unless I move into a quadruplex and hire a property manager). Will the rehab loan money only cover the unit I'm living in ? Or will it also cover the other unit of the duplex I would be living in?
I am new to this real estate investing so bare with me and my beginner questions.
Also, are quadruplex that need rehabbing feasibleto find in a good metropolitan city, or does it take lots of work from and the help of a real estate agent using the MLS.
Thank you,
Jean-Pierre Viergutz
PS: I am 25