should i do cash out refinance or 2nd mortgage to get cash out?

[Maria C Arevalo]

hello i have am FHA loan on my primary home but would like to do a refinance cash out to do home improvement and possibly purchase another duplex with my sister but was declined due to debt to income ratio this is because i have another investment property as well. i am in the process of being removed from the loan on the investment property but would like to know how long it will take for this to be reflected on my credit report?   once that is done will this improve my debt to income ration since this loan will not  be under my name anymore?