If we were to buy a rental using FHA, after we've lived in it for a year as required, what then needs to be done to refinance it to a conventional loan?

@Andy Bondhus you would need enough equity in the property to be able to get a conventional loan. Usually the most you can get is 85% LTV for an owner occupied duplex, 75% LTV for 3-4 Units. So either pay the loan down enough to refinance or rely on forced or market appreciation.