Can FHA loans be refinanced to conventional loans before the 1-year residency requirement?

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Hypothetical scenario:

In a neighborhood where comparable units are $140k, I purchase a foreclosed single family unit for $70k using an FHA loan (because it affords me the possibility of the low 3% down payment).

After three months of living in the home and making repairs, I have the house re-appraised at a value of $120k.

After only three months, could I do a cash-out refinance from the FHA loan into a conventional loan?

If so, could I then rent out the refinanced unit (now that it's no longer an FHA loan)?

Could I then find another property and use a new FHA loan to repeat the process?

Thanks in advance!