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?

Obviously inventory is extremely low right now so this may be a long process.

I am hoping i can get around 2.9% interest on a 15 year conventional loan and it looks like the payment will be around $736/month with $229 HOA and will be getting $1230 /month rent.

So I recommend always shopping around.I buy MLS properties without conventional financing because the properties are generally not fanciable in their then condition (but would be after repairs/improvements) and because the competing offers don't have financing contingencies.  

@Ryan Agustin For conventional financing assets and income and DTI's are the important factor. 

What do you typically do, when using conventional financing on a deal, and why? 

For a loan on a rental property, you are more likely to have to take a conventional loan.

I try to adhere to the lease agreement and not to let her personality control it.The current market has very little inventory.  

One of my PM associates says this particular community is 5% of his inventory but takes up 95% of his time.