How to approach buying 2nd duplex

[Charles Smith]

Hello BP! I own a Conventional 5% down, home possible duplex (I live on one side). I bought it seven months ago for $405,000. I've since put $40k into renovations, raised the rent significantly, and placed new tenants. My current mortgage balance is $380,000. The comparable sales in my area for an updated duplex similar to mine is $540,000. So far, all the banks I've contacted won't use the rental income to qualify me for a HELOC, because it hasn't been two years. My original plan was to get a HELOC, and buy another duplex at my one year mark. I am at a roadblock in my thinking. The only option I see right now is to use the cash flow once I move out, to pay down the renovation cost. I could definitely use some mentoring and would love to connect without someone whos been in my shoes.

Can I buy another owner-occupied duplex with an FHA loan or would I have to refinance out of my home possible loan first?

Would a cash-out refinance be possible? In order for me to take some cash out and pay some or all of the renovation cost off.