Sell or rent current home ?

[Brandon Carrillo]

I have my single primary house that I've been living and flipping. I've been living in it for 2 years. Now I owe $137,000 and the appraisal appraised it for $240,000. That's $103,000 of equity. If I sell it, ill walk away with about $85,000 and I'll use that to get a 3-4 unit house. If I cash out refi (my mortgage will be $1,000) and rent it out, I'll get $40,000 and $300 cash flow. Assuming Rent will be $1,600-$1,700. Furthermore this is a conventional loan that I have now on my house. Wondering if I do rent it can I use the $40,000 to get a second house but with an FHA loan ? Idk if I can do that though? Any advice. Not sure what direction I should take