Condo conversion on 4 unit FHA

[Sebastian E.]

I have a theoretical question that I wanted to run by the community. I am analyzing a 4-unit building in an up and coming area. The numbers pencil out fine as is but I wonder if down the line the condo market in this area picked up whether it would be possible to convert the apartment building into condos (they are all 2/2's) and then so lease options on the condos using my low FHA rate to arbitrage a higher rate on the note to the buyer.

I guess the first question is whether the condo conversion would trigger some sort of due on sale clause with that original mortgage. 

Does anyone have any thoughts on whether this is even feasible and if so whether it's a desirable strategy?