Then refinance the hard money mortgage with conventional permanent financing with a bank. 

Generally speaking there are 2 main types of loans for investors: “Conventional” and “Portfolio”Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

the reason is most of the investors on this site are getting conventional financing that does not require DSCR reporting. 

The only conventional multi family loans that seem to be available to me require 15% down for a duplex and 20% down for a triplex.On a $400,000 duplex I am looking at this increases the down payment from $12,000 to $60,000, an enormous difference for a 28 year old trying to buy his first property.Am I missing something here?

Should I refinance to a conventional?

We had two appraisers in Houston that we had consistently given 2-3 orders a week each for several years, and now none of that matters because they have so many conventional refi orders that are easier to do than an as-is/ARV appraisal with long turnaround times because the banks are backed up anyway, that they can charge what they want. 

Also do try to I get a conventional Mtg loan under my name for financing?

Conventional financing, 25% down, 30 yr term.

Conventional, 75% LTV, 30 yr term.

Conventional, 75% LTV, 30 yr.