Someone out there is going to have a product that will get him a conventional loan with less than the 2 years requirements mentioned above. 

My question is can I refinance the FHA to conventional to drop PMI even with the HELOC?

Conventional Mortgage How did you add value to the deal?

@Mark Welp I don't think most conventional 30 year prime residential loans are callable based on decreased equity but I don't know about sub-prime or other types of loans- I only know about the limited types of loans I actually hold.

I currently have a conventional loan and put 15% down what would be the best financing option for me to pick up a second property? 

Is it possible for me to purchase the property outright in cash, then once the deal is over and I own the property, take out a loan or refinance into a conventional loan with a more typical 20% down and get the rest of my cash out?

I've gotten mixed information from conventional lenders in terms of being able to refinance a cash or hard money property.

My bet is that the water lines can be fixed conventionally after using American Leak Detection's survey of the leaks -- we rarely replace entire water lines.As for the numbers, you have to buy this based on not greater than 1/2 of the value of the park when finished, less all cap-x to inject into it.

This is also expensive and can not be done with conventional financing.

Purchase price: $127,000Cash invested: $48,848 (conventional loan @ 75% LTV + ~$13k rehab)What made you interested in investing in this type of deal?