FHA and Conventional loan questions

[Ryan Saulle]

Hey BP members! I have a few questions.

I've been reading a lot, recently talked to a lender and I'm hearing mixed things.. I plan on buying a fixer upper multi-fam, living in one unit renting the other(s). I've read places that people used FHA loans many times and kept moving to new houses but I talked to a lender this week and he suggested maybe not using an FHA loan because you're restricted to what type of property you can use it on again in the future so I'm a little confused.

FHA - If i use an FHA loan, fix the property, live in it for a year while renting the other unit(s)..

-What happens if i decide to move out after the year? Can i rent out the unit i was living in and move somewhere else using another FHA loan or is there restriction on another FHA loan?

-Can i do a cash out refi after a year and make it a conventional loan?

-What happens if i decide to move after a year and sell the property?

-Would you suggest just using a conventional loan instead of an FHA loan?

Any help would be great..

Thank you!