loan structure for a multifamily or house deal

[Xang Yang]

Hello, I am currently approved for a FHA 150k at 3.5% down with a interest rate of 3.75%. I am wonderinfg if for example, instead, do a FHA 203k loan, or conventional loan for the purhase price of 115k. Borrow 45k from a private/hard money lender to pay closing costs, 25k for repair, and 20% for down payment with a 10% interest for one year and refinance. So instead the coventional loan would be 92k. I know the property will appraise at 200k after repairs. So when I refinance I might get 140k? I can pay off the hard money lender and have a new rate at 4% I'm confused about the refinance cash out. Please advise. Thanks.