FHA Loan On 2nd Property

[Andy R.]

I am looking to do a cash out refinance on a property I currently do not own (it is a family member's); therefore taking on a mortgage. I would like to use that cash to purchase a property using a conventional loan, putting down 25% with some of the money from the cash-out refi. Then, I would like to use an FHA to purchase a multi-family. Is this possible? Would I have to do an FHA loan first and then the cash out refinance? What is the best option?

Thank you!