Should I refinance into FHA? Advice....

[Breelon Bryant]

I am not able to get a mortgage because my job is not a W2 and I was recently denied because of this. But I saw a 4 plex ($169,000 PP) and want to buy it through hard money and refinance it to FHA in order to "house hack". I have enough for a 3.5% DP

Problem 1: I have a job but no W2 income BUT am currently switching into a W2 at the end of the month

Problem 2: Dont have the 10-20 percent DP for the property for a conventional DP

Problem 3: Holding costs for Hard Money for a few months until Bank accepts my new “W2 Job” for proper mortgage financing

(I am aware there will be some time for proof of consistent funds from new W2 job to getting the FHA mortgage)

*And yes I know about PMI with FHA

Is this a strategy that sounds reasonable or am I making a bad decision?