@Victor Steffen just posted a very helpful analysis of rent-price ratios in the Austin area, and while that can be "disheartening", know that is not why SO many people invest in the area - they invest for appreciation, which many areas show double digit increases. 

@Joshua Zdunich by "traditional" loan I think you mean a "Fannie/Freddie" type of loan - or a "Conventional, Conforming" loan as they are sometimes called. 

20% down-4.875% with 1.25 points25% down-4.75% with zero points25% down -4.125% with 1.25 pointsSingle family$525 bank fees plus any points above1 point=1% of the loan amountThose are closer to DSCR rates than conventional. 

All conventional financing... some houses in my name and some in my partners.

You won't find many if any FHA, VA, Conventional, USDA, etc... programs which all typically yield lower rates. 

That means that you will not be able to qualify for a conventional loan again for at least 2-3 years depending on your real estate income. 

.- I was able to get approved for access to private investigator software to find the true owners of these properties since conventional skiptracing produced poor results.

I cannot speak much to private money lending, but you've got the right long term goals in mind of a quick flip then conventional refinancing out of the hard money loan to minimize risk in the long term.

You could just start off with doing a refi on the FHA property into a conventional loan since you already have plenty of equity, and I agree if you only do one thing, it should be refinancing the FHA.

@Jake HelmburgIf you're using a conventional loan, take note that there is language in the agreement that a person buying a primary residence single-family home with Fannie Mae must abide by the owner occupancy requirement and must agree to move into the home within 60 days of closing the loan, and to live there for at least a year.