Refinancing FHA (or better strategy)

[Coy Austin]

Hi BiggerPockets community! I am interested in knowing more about cash out refinances on an FHA. I have been doing rental property rehabs and flipping homes for about 5 years for other people, and I think it's time to do it for myself. I am almost 21 years old and I really want to grow my portfolio as quickly as I can, but also play it a little safe at first. I want to get a multifamily and put it under an FHA loan, then refinance it to invest into another rental. Does anyone know how a cash out refinance works on an FHA? Or if it does? Maybe someone knows a better option? I found an investor who would invest 80% in me, but I really don't have the other 20% to invest right now and I'm getting very anxious to get my first property under my belt. Interested in Doing a BRRRR. Would love feed back!

Also I am new to the forums so I will be updating my profile soon. Thanks!