Advice on real estate journey with current home holding me back.

[Ryan Rogers]

Hello BP,

I have some questions for you guys. In August of 2017 I bought my first primary residence. A double wide 3bd 2 bath 1456 sq ft manufactured home on a .25 acre of land. The home was not updated and the listing price was 189k. This was going to be the 11th home I would be putting a offer on in the last 5 months because of the hot market here 40 mins south of Seattle. 

I qualified for a 230k loan FHA and offered that amount for this home. Homes around that prices were the ones I was getting outbid on so I initially offered high to get in a home because I was paying 1700 for rent. (Emotional

I financed the loan FHA and paid half of closing costs putting me at around 11,500 total for out of pocket money to get into home. Since I have renovated home with flooring, carpet, paint, trim, double pane windows, new deck, new light fixtures, water heater, furnace. I had no intention to flip this house. Just updating for myself and potentially renting. Another 10k out of pocket for renovation.

However, my mortgage including PITI is 1,523 a month including MI for term of the loan. Rental rates to be on average 1,550-1800 in this neighborhood and renting out the property would not give me much cash flow if any. I currently house hack the home with friend and cousin so my out of pocket expenses aren't much.

The zillow zestimate on my home is 247k. My goal is to buy and hold rental properties for cash flow but I feel like I have ran into a dead end here. Should I hold and refi into Conventional with a higher interest rate to eventually remove PMI and to open up another FHA loan in the possible future? Do I sell and get into a better deal since I over paid for this one even though my house hasn't built much equity? Or do I hold onto this one and let the market take control and hopefully build equity? I can now qualify for much more due to new job, less debt, and wouldn't mind house hacking a duplex and or BRRR strategy SFH. My friend and cousin will be coming with me to my next property as well to reduce expense (On year leases) Sorry I know this is a long post, I just would like to dive into a new strategy because I have capital saved to go into next investment, I just need some guidance with this one. What would you do?

Thank you,