I have been approved for a 390k conventional mortgage as well as a 375k FHA.

The conventional space ($5MM/$7.5MM) and up functions differently in some cases.

Conventional loan is a hassle because of all the documentation needed for existing rentals.

The borrower has a conventional loan and there will be an excess in seller contributions because it cannot go towards pre-paids or buying down the rate.

@Zachary Olley you can cash out refi from FHA into a Conventional loan 6 months after purchase. 

Loans: (No money down / CHFA loan, FHA, conventional, hard money, etc)Interest Rate?

If you are just wanting to buy a multifamily property, then you can look into conventional financing but you will usually need to be able to do 20% down. 

Currently I am looking at a Triplex in TN that will come to market at approximately $199K.I am leaning towards going with a conventional mortgage however I don’t have the normally required 20% down payment.

When I go to refinance this property - wouldn't the new conventional lender find out that I'm the member of the lending LLC and also the owner of the property and cause issues ?

To answer your question about refinancing after your repairs are done is dependent on WHICH TYPE of loan you can get on the "REFINANCE" step to the BRRRR.Generally speaking there are 2 main types of loans for investors: “Conventional” and “Portfolio”Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).