If you have an FHA loan, does that mean you can get only 3 of the easier to qualify conventional loans, and 6 of the more difficult ones?  

If your putting conventional financing on it then know that you could end up coming out of pocket if the appraisal doesn't meet the price.Present the seller with two offers.

I know, people get bored and look for things to dream up to make some money, I really suggest you not, stick to conventional transactions, your creativity is dangerous for you and others.

I have plans to buy a house for myself in the near future, probably within the next 6-12 months using conventional financing. 

@Hersh M.We see plenty of inventory go quickly in Texas City/surrounding areas.  

@Ned Carey, and @Dave Meadows - yeah avl has game. we saw pretty ridiculous appreciation in our neighborhood, like 30% over last 3 years. such little inventory as well. the influx of breweries and the long term development plan for the river corridor / river arts district is so promising. all we need is a surf / kayak wave (manmade whitewater feature) right in the middle of town, and we'll be on the next level!

You typically will not want to finance a flip with conventional financing.  

My local portfolio lender has been great with me....We financed 3 properties through fixed rate conventional mortgages then we went on the commercial side and have done about 7 ARMs. 

And if you can't get another FHA mortgage, there are convention owner occupied mortgages for 5% down for another owner occupied 4 unit building.

My question is, if I use hard money, can i then immediatley turn around and refinance to a conventional loan?