Using Hard Money For Purchase/Rehab to Conventional Loan

[Nick Zias]

There is a potential great deal I am looking at right now to convert a mixed-purpose building into a 4 unit building. The building is well underpriced but needs at least 100K in repairs. I was thinking of using a hard money loan for the purchase and rehab of the building and converting to a traditional loan after as I would like to hold the building.

1) Is this even possible?

2) If it is, how can this be done and how does one calcualte the costs involved in switching between loans like this? 

3) How do I pay off the hard money loan if I switch to a conventional loan?

This is my first time getting involved in this type of investing so I appreciate any feedback.

Regards,