Should I finance through FHA or Conventional?

[Tom Bell]

Offer price: $925k

Cash: $250k

Single family zoned for three Units: 1b 1 bath, 4 beds 2 bath, 2 beds, 2 baths 

I am located in New Jersey, and multi-family homes are tough to be had at a price which would allow me to cash flow—so I am trying to get creative. 

I am considering making an offer on a single family home that is zoned as a three family. I will convert this back to three doors. 

I can afford a 15-20% down payment but will leave little cash to make necessary adjustments to the home. Would anyone be able to tell me whether I should initially go for an FHA loan and refinance later on to a conventional? I'm not sure which way to go.

Thank you!