The issue is inventory is flying off the shelves before I can even go see some of these props let alone put an offer in.

If BRRRR, then you should also talk to a conventional loan officer before even talking to HMLs to make sure that you can refinance out of the hard money with your current financials.

Greg Kendall another thing to consider is whether or not this property is inventory, or a capital asset.

I've made a number of connections with real estate agents and attorneys over the past few years here and feel there  is  tremendous potential on this side of the island especially on the real estate front.Prices are great especially for buy and hold scenarios and inventory is not an issue.

No adjustable rates, balloons, gotcha fees that hard money or non-conventional  mortgages would have.

I moved out, it turned into a rental unit and im currently looking to buy a home (for myself) .Can i refinance the mortgage into conventional financing and then im free to buy fha again ?

It all depends how long you've had the property standing on the market and what local inventory is like. 

With our inventory shortage, we are seeing people stay on the sidelines when it comes to selling their home.

That's where you'll meet both the investors who have dominated the market for years (maybe even decades), as well as the more up and coming crews who are looking to buy and sell inventory. 

I think most investors are so controlled by conventional lending and regulations that they feel obligated to use their own cash.