Are there any restrictions on refinancing a FHA loan?

[Jacob Kelley]

So a plan that I have is to get a 203k loan on a multifamily property and do the whole house hacking thing to start my journey into real estate. After a year I would refinance to a conventional loan and put the equity into another investment. 

So is there anything that would stop me from refinancing to a normal loan? 

[Brent Coombs]

@Jacob Kelley, your buying and 203K rehabbing prowess will come under severe scrutiny at that time. Will you have successfully brought your 3.5% equity all the way up to 25%+ equity, in just one year?

You may ask: but don't I only need 20% equity by then? I believe the technical answer is: yes. BUT, who's going to lend you 80% LTV as an INVESTMENT loan, with long terms and low interest, like you get as an owner-occupier?

Aah, but what if I refinance into a new Owner-occupier loan?

Sure, but that means you're "stuck" there for yet another year.

So, you're really talking about a TWO year (plus?) plan, right? Cheers...