House Hack refinance

[Michael May]

Hey Bigger Pockets,

I'm looking to begin my investing career in St. Louis by purchasing a duplex and house hacking. There seems to be plenty of information on how to get started with house hacking but I can't seem to find information on the long term plan of this strategy. Specifically when it comes time to move from the existing property. 

I would plan on purchasing the property with an FHA loan. My only concern is the increased payment amount due to the added PMI would make a property difficult to cash flow. However I've been coming to the realization that refinancing and moving out should hopefully provide a lower interest rate and leverage the equity in the home. I'm ignorant to the refinancing process and would like to learn more. Would anyone be able to educate me on this subject or point me the right direction?

I'd love to hear some House Hack success stories in St. Louis! Have any of you been through this step of your house hack? 

Thank you in advance!