FHA cashout refi and more

[Jesse Rodriguez]

I'm a few months in with houshacking a duplex.. I used a FHA loan on a house purchased at market value. Did about 10k total on renovations for both units.

Can I do a cash out refinance after 6 months, take equity out and use that to purchase another property (conventional, non-owner occupied) while still house hacking? Also, I really doubt I'll get up to 20% equity (property in the Midwest) to get rid of PMI but should I refinance to conventional too? If successful, do I still need to live in the property if under conventional loan and not yet met the 20% equity.

Secondly, I travel for work. Can I rent out one of my second bedrooms on Airbnb whether out for work or even at home?

I hope someone can shed light on this. Thank you!