FHA mortgage loan

[Mitch Villalva]

Good morning BP,

I have a question about my current loan. 

I purchased a home about 6 months ago via a FHA loan. I have received a notice about having my PMI reduced or removed. Good news to me up front.

I recently found that real estate investing is something that really interests me. Mainly rental income properties for long term purposes. I am full time employed in retail so I am currently saving 10% of my salary to start purchasing homes at he end of he year. 

My question is should I try to refinance my current FHA to a conditional loan or stay in an FHA? I plan to have about 8500 at the end of my savings plan which should be around November for my first rental property. I have heard that I can have 1 FHA loan at a time and may want to use that process to get my first income rental property. Am I making any sense? New to all of this as my first home purchase 6 months ago was the first time I was exposed to any real estate experience.

Any help would be greatly appreciated.