Re-finance from 203k to Conventional?

[Joe Morelli]

I'm considering buy a 3 family as my first investment property. Thought is to owner occupy 1 unit and rent out the other 2.

(Hypothetical Situation)

149k asking price

130k purchase price

50k rehab

ARV value - need to confirm with my agent, but let's say 220k

I'm just beginning discussions with banks so don't have a ton of knowledge, but figured I'd reach out to see if anyone has any advice/thoughts.

1. 203k loan typically requires 3.5% down, PMI and for you to owner occupy for 12 months - is that correct? Also, is the PMI tacked onto the monthly payments?

2. After 12 months, can I re-finance into a conventional mortgage at maybe 75% LTV, pull out the equity since I've forced appreciation up, get out of the 203k loan and then rent all 3 units?

Really love the BRRRR strategy, so trying to consider my options to kick start my investment career.

Thanks in advance for anyone's insights.

-Joe