FHA vs Conventional

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I understand that you are only allowed to have one FHA mortgage open at a time, in order to prevent the use of FHA loans for investment properties. I also know that FHA loans are mainly meant for first time home buyers. My question then is, is it possible to buya property now with an FHA loan, and then a few years down the road, refinance that loan into a conventional loan (turning that property into an investment property), and then take out a new FHA loan on a new primary residence?