Pulling Equity out of your first home

[Jared Threat]

Hi, Bigger Pockets family. Here is my Scenario 

My wife and I own a duplex that we bought in 2017 for 144k. We live in the 1st unit that was renovated and now we are about to finish and rent our upstairs apartment. The plan is to rent the 2-bedroom apt for $1,200 a month. I've put about $50k in renovations into the house from small personal loans Around 8-10%. The plan was to eventually get that money of out the equity of the house which ARV $230k. Taking out these loans for the renovations has raised my DTI to about 54% which might be hard for me to do a home equity loan (not including the projected rent). Looking for advice to pull max equity out to invest in more properties.

Current Loan $123,000 @ 3.5%

ARV $230,000

FHA Mortgage monthly (including PMI) $1000

Project rental income per unit $1200-$1300