Using a Hard Money Lender and Refinancing into a 30 Year fixed

[Peter Pezzano]

I've been considering buying a multi family at an auction. This is the scenario I would like to know if it would work:

I am able to buy a 2 family at auction for let's say 300K. I am able to find a hard money lender willing to finance 80% of the deal while I put up 20% of the deal. The market value for this property is easily worth 500K. After 12 months of paying the hard money lender, am I able to refinance into a conventional 30 year fixed mortgage? How would this work if it were possible?