Continue Seller Financing or Refi to Conventional?

[Daniel Kern]

Hello BP, Newbie first time poster who did his first deal in April and am now working on my first triplex deal and needing some community advice. 

I found an of-market triplex in my community I am interested in and the seller is willing to Owner Finance the property for a maximum of 2 years. Sale price on the home is $205k and I will put $20k down bringing my balance to $185k starting January 1 (closing with title company Dec 28). Conventional mortgages require 25% down on multi-families and I didnt have the $50k+ to get conventional financing and didnt want to take that much out of pocket so am fortuneate the owner is willing to carry the mortgage. Owner has agreed to $1035/month and will credit me $1000 every month towards equity in the home. I will also pay, taxes, insurance, etc.  After 2 years I would have a mortgage balance of $161K (205,000 sale price - 20,000 down - $24000 credit after 24 payments = $161,000 balance). 

My question is would you refinance the property immediately into a conventional loan and get out of seller financing deal ( I have a bank with no seasoning period lined up) or pay down the balance each month then refinance the $161k balance into a 30 year, or less, thus increasing cash flow in two years?  My math shows it would take me 7+ years for my equity in the property to reach that $161k balance as opposed to the 2 years with owner financing. 

Its essentially a question of equity vs cash flow and I'm just looking for another perspective on the deal. Also, triplex will rent for around $2650/month.  Thanks all, looking forward to your thoughts...