FHA Eligibility and Bonus HELOC Situation

[Adam L.]

As a newbie, I was wondering if seeking a conventional loan for my first rental property will affect my eligibility in the future to get a FHA loan to purchase my first primary SFR?

I have never owned a home and my newlywed wife owns a condo, which we plan to sell in the future to buy a home. 

As a bonus question, she own the condo outright for $270k and is cash flowing $850/month. Would it be advantageous for us to try to get a HELOC on this property to purchase our new SFR rather than selling the condo?