203K Buy, Rehab, Live in, Sell

Hey Guys - 

     I initially wanted to buy a multi and house-hack my way into real estate investing.

Would buying a house with a 203k, fixing it up, living in it and selling it be another strategy?  Is there money in this?

I think the downside here would be if I sell it less than 2 years I have to pay cap gains?  Or maybe, I could live in it for a bit, save up and move out to rent it?

The biggest issue is the downpayment in the greater Boston area are crazy!