Refinancing out of Investment Property

[Kyler J Sloan]

I have a house I would like to buy for now as an investment property.

However, I would like to convert a shed that is sitting on the place into an ADU and live some distance away from the house.

Could I potentially refinance the property as a primary residence?

20% is required for the investment property and 5% for a primary. So, I should be able to cash out that 15%, plus any appreciated value. 

Thanks in advance.