House hacking with 3.5% FHA. Used mine, how do I get my 2nd house hack?

[Ian Duffy]

Hey BP members,

So this last year I purchased my first SFH to house hack. This home came equipped with an above-the-garage addition (600sqft) the flippers added on (permitted). It is a bedroom with a back/private staircase. After framing out the access to the room from the kitchen, I added some dry wall and voila - my 4/3 is now a 3/2 with a STR studio. I got a 6.25% rate, and even before refinancing I am now cash flowing 1K/month because of the STR.

Since my purchase anniversary is coming up, I want to use the same strategy...acquire another property with 3.5% FHA (because its a point lower than conventional), however, I now to refinance out of my FHA loan to conventional so I can free up my FHA loan for house #2.

I have the finances for down payment, appliances, furniture....just need the loan. Any ideas for getting a loan funded, finding another co-borrower/how that would work for a deal split, etc.