Converting a 5plex down to a 4, a good idea?

[Stephen Underhill]

hey everybody, i saw a property that just popped up locally and i wanted to get some feedback, but first off, im not looking for so much details just yet, as much as concept. (numbers would come later if positive consensus i suppose)

anyway, this is a 5plex property that is stated to have good cash flow with several long term tenants, all units leased, (dont worry, i know thats stated,but for arguments sake, lets say things work out) it is an 8bedroom 5bath property and I believe the current layout is 3x 2/1 and 2x 1/1.

my interest looking into this initially is, since i dont have the $ for a commercial mortgage, even if said property worked out well #'s wise after due dillegance, would it be a reasonable idea based on layout to try for a FHA 203(k) loan and convert the property to a 4 plex to make it eligible for FHA financing? has anyone ever downsized a unit for these purposes? Would it be possible to decomission 1 unit then perhaps reopen it after a refi? just looking to see how few/many options there would be in this situation. I am still going through some family/friend contacts with hopes of finding someone interested in investing/loaning, but no solid responses yet.

thanks again in advance!