New investor as of early this year.

Scenario: I own one duplex in Madison, WI that I owner occupy. I put 20% down, put 15k into renovations, and now the rent currently covers 100 % of my mortgage. I currently have ~15k available for investing. As far as I know, if I purchase a second rental property, I will need to put 25% down. But, with an FHA loan, I could put ~5% down as long as I were to move from my current location and owner occupy the second investment.

There is a duplex that I am interested in that is roughly 275k which would take over 3 years of savings for me to put 25% down. With the FHA loan, I could afford to put 5% down today. My mortgage would be around 2k which could be covered by the extra rent coming in from my first duplex when I move out and the rent coming in from the second duplex. So at this point, it appears that I would own 2 duplexes with both mortgages being covered by the three tenants.

I calculated out that it would cost an extra 60k over 30 years for mortgage insurance with the FHA loan and an extra 40k in payments due to only putting down 5% instead of waiting until I can afford 25% down. If I were to put down 5% now, in ~4 years I would have enough saved to possibly invest in a 3rd rental property which would eventually make up for the extra 100k that was spent on the second property due to the FHA loan.

What would you do in this situation? "Take advantage" of the FHA loan and go owner occupy a different duplex and rent both side of my current duplex.......or wait until I have enough saved to put 25% down using a conventional loan?

Are there other fees and expenses involved with an FHA loan besides the mortgage insurance? Can you put even less than 5% down with an FHA loan? What other details am I not thinking about that I should consider?

Thank you much for any responses!!