,From what I’ve seen, I’m still a novice, is that you have two options. 1) Refinance to pull out the equity. 2) Keep looking for banks that will do the HELOC on investment properties.

Will I have to refinance the current FHA into a conventional loan first?

Your best bet is to call around and find one that fits your needs.

All depend what you are trying to achieve with refinance.

TIA.If you want this house (that's the first question) and it has some cosmetic deficiencies and it's in a great neighborhood, I would offer him a lower sales price (like 30% lower if that's more in line with what the property will appraise for), take his financing if:there is no prepayment penalty and it's 100% financing the cash flow is acceptableand then refinance it with a lower rate product with no seasoning on title or wait out the conventional seasoning period and refinance it with a Fannie Mae loan. 

You have to own the home before you refinance it.

She could keep the old place, cash out refinance it and use all that equity to buy a new place and another rental while keeping it as a rental. 

Instead of selling your condo and using it to fix and flip, why not leverage it with a HELOC, refinance, etc.? 

We no longer can cash out refinance to keep them as part of the BRRR method.

Hi Kevin, I am not sure, but I will bet @Denise Evans has a good opinion on it.