Where do we go from here?

[Ryan Chorbagian]

Hi everyone.

My wife and I closed on our first income property in April (Chicago 2-flat plus a 2-bedroom garden unit) Being that we've offset our housing costs almost entirely, we've grown hungry for our next deal! We have an FHA loan. Neither of us make enough money at our day jobs to save for a conventional loan at this point. We purchased the property in a hot, up & coming area of Chicago (right along the hipster highway) and would really like to have at least one more building around here before the prices skyrocket. I'm curious about our options. I know that only one FHA-backed loan is allowed at once, and that we must occupy the property. But what about when the equity equals 20% of the sale price? Is that when PMI drops off and we can seek another loan? Or do I have that wrong? Also, what is the process for borrowing against equity in our current property when we want to invest in another multi-unit property. Is it always 20% down?

What would you do? Should I just sit on my hands and relax? Getting antsy over here.  Talk me off the ledge please.

Thanks as always.