Conventional How did you add value to the deal?

Conventional won't work in that scenario but could if you're talking multiple separate properties. 

In addition to FHA, I have a specialty conventional program that offers lower rates but it's limited to specific areas.  

If your tenants want to buy it they can just make you a conventional offer.

Now, I believe I need to go Conventional cz I'm looking at 2-4 units and would need 5% down?

Property 1: 4/3 LTRCurrent Value: $475kPurchase Price: $363kDown payment: $40k (30 year conventional)Interest Rate: 2.75%Remaining Balance: $294kMortgage payment: $2369AVG revenue: $2775Property 2: Duplex - 3/2 House Airbnb & Detached studio apt 12mo leaseCurrent Value: hopefully within $575k-$600kPurchase Price: $591k (appraised at $599k)Down payment: $30k (30 year FHA)Interest Rate: 6.125%Remaining Balance: $552kMortgage payment: $5041 (including $362 PIM)AVG monthly utilities: $385 (full year avg)AVG monthly revenue: $5261 (full year avg airbnb + $1650/month from apt)

Get familiar with FHA and Conventional loan terms. 

@Chris RobertsLet's air this out... a mortgage not being reported on your credit does NOT give you a pass for conventional/agency financing. 

For example, you could just refi what it owed with a conventional or DSCR loan using the new value right now with a 30 year fixed.

Now I am looking to just get a conventional loan then do a cash out refinance to pay of heloc later.