Couple of Questions

[Khouri Rice]

I was looking for some advice/comments on a couple of questions that I had...

-I am looking at hopefully purchasing my first owner occupied multifamily this year and was looking at using FHA financing but I have to wait until the end of July, because my bankruptcy (had a business go under) will be at the 2 year discharge mark. I am now worried because of the changes in the insurance being for the life of the loan instead of the first 5 years or until your LTV reaches a certain point. My salary is very good, my credit score is in the low 700s and I am not sure how the bankruptcy will hurt me if I look for a conventional mortgage. Also, the 3.5% down for FHA is very attractive because I would be able to purchase another SFH shortly thereafter to begin renting out. I have around 40k that I am looking to use to start investing this year. I am also thinking of starting an LLC with another partner (relative) where we will begin buying SFHs to rent out. So…my questions are…

-Could I have the LLC purchase the multifamily for me, or even just use my partner to purchase it for me (maybe add my name on the deed, but not the loan, or maybe the loan if its allowed) so I will have the property (where I will owner occupy) before the changes take effect in June (I believe)

-If that is not possible, and because of my bankruptcy, will I have a chance at a conventional mortgage, if the numbers are really bad for going with an FHA with the insurance for the life of the loan

-If I went with the FHA after the changes take effect, and I am stuck paying for the insurance for the life of the loan, will I be able to refinance later (conventionally, but at a potentially higher interest rate) to get rid of the insurance payments?

Any other ideas are more than welcome, thank you!