Is this BRRRR FHA Strategy any good?

[Noah Stout]

Plan Overview:

I would like to preface by saying I am new to real estate investing and do not own anything yet, however after diligently listening I believe i have a plan. I would really appreciate any advice or critique as my main concern was the chronological structuring and also if anyone knew the time table of refinancing a FHA loan even after repairs) If anyone experienced has any insight to refining this plan, I greatly appreciate it!

Plan Overview:

Get FHA loan for 3.5%

Renovate

After a year, Refinance to a conventional 30yr fixed loan to get lower interest rate, and get access to equity + remove MIP. (Example: buy house for 250k, put 25k into rehab, ARV is 320k

 estimated return after repair ~45k + whatever equity we have after a year)?

After a year cont'd,

Look for new duplex to move into and repeat the process however using only a % of the intial properties equity for downpayment (the other % goes to a 20% down payment on a non primary residence investment loan) 

From my understanding, since the initial FHA was refinanced to a conventional loan, I should have no issues getting the second FHA loan(or try 5% down conventional loan if thats more beneficial)