The downside is refinancing the property with a conventional mortgage.

You need an investment conventional or commercial lending. 

Can I then purchase another multifamily with a 3.5% down FHA loan, or do I have to refinance into a conventional loan on the first property to be able to purchase the second with an FHA loan? 

Conventional Investment Loan How did you add value to the deal?

That being said, both replacements were within the last 18 months, so I could not say if they fail sooner or later than conventional wax rings. 

@Jobee Vincent Buenaventura are you using a portfolio lender or are you refinancing with a conventional loan?

I'll add that for conventional loans you cannot refi 75% LTV within the first 6 months, there is a cash buyer exception, but you can only get up to 100% of your purchase price + refi closing cost.

Since then, 31 of the nation's 50 biggest metros have seen double-digit percentage gains in median rent from Sept. 2020-21.While Austin tops the tech hub list in median rent percentages, it's still a tad below the national average of $1,654, a new record high.

He has helped both small (single-digit single family home portfolios) and big investors (100+ single family home portfolios). 

Hi @Aries Li, Conventional lenders do have non-QM products that lend out to companies as long as it meets their criteria.