If you keep it single member, you should be able to refinance out conventionally into your personal name for a 30 yr fixed loan. 

My goal is to put down 20% and go conventional route for financing.Looking forward to hearing your replies!

My current rate on my FA is 3.75% but im paying $223.51 MIP.My lender's current rate on conventional loans is 3.25%.

Conventional mortgage rates rates tend to track the 10 govie yield.  

The prices of those types of buildings are still very reasonable, you can get conventional financing for them, and the mortgage and expenses are usually covered by half the units rent, so the rest of the units tend to be cash flow.

Perhaps conventional loans has their own rules?

@Steven Graber with these numbers are you using conventional financing for both acquisition and refi?

With Conventional loans, you can typically go up to 75% LTV on a 1-unit cash out refi.

For the most part, they did not ask one or more of those questions which directly affected the rate and where those loans were going.Rates are close to the same from lender to lender, especially for conventional financing, depending on the schedule they set up with the eventual servicer. 

Feel free to reach out to me if you want recommendations.Another route would be a conventional lender, if the investor is able to qualify.