Also isn't the refinance loan generally financed at a higher percentage than a conventional mortgage?

I have a client interested in purchasing a fixer but has too much credit out to qualify for a conventional loan. 

Here are the Caveats though, you can only refinance to get the amount of your acquisition cost back out + roll in refinance closing costs up to 75% LTV on a non-owner occupied property and or up to 80% on an owner occupied property.If you want cash out beyond the acquisition costs, based on a higher appraised value, you must be on title for 6 months and you can do 75% LTV on a rental, and 80% on an owner occupied for conventional loans.You can do cash out on some portfolio loans immediately after purchase to as long as 6 months after purchase.

The biggest concern would be how you go from a bridge loan (hard money or otherwise), to a long term fully amortized conventional loan.

I'd just do conventional financing on a property in a location I want to live in that works for hacking such as a duplex or a place with an in-law suite.  

FHA is the 3.5% down program, and conventional is the 5% down program. 2) You have to live in the property for one year from the date of the closing.

Hello everyone,I want to get started in Real Estate by obtaining a 3-4 unit Multi-Family property.The goal would be to buy the property under value, fix it up and then refinance out of (possible FHA loan) after the year is up and get into a conventional loan.

Conventional lenders allow for 10 financed properties.Non traditional lenders there is no maximum amount.

Also, I could lock in a lower purchase price that I would be able to get conventional or FHA financing for. 

I used a conventional loan with 3% down.