Does FHA Loan make sense for Investor?

[Henri Meli]

I have a quick question for which I couldn't find a clear answer after searching through the forums.

I own a primary and three rental properties. The primary is on a 10 year conventional mortgage (refinanced less than a year ago) .

The rentals are under various terms: (15 and 30 year fixed conventional), all rentals are currently occupied with 1-2 year leases.

The area where I live seems to be quite good for rentals. The last rental property I bought in March of this year had about 10 applicants within a week of it being on the market. Most applicants with excellent credit and rental history. I have now identified a few other properties in the same area/zip code, that I would like to buy as well, but I don't have the cash (20-25%) for the down payment.

Because my primary is in the same zip code (and I believe I could rent it just as fast as my last rental), I have been thinking about purchasing the new property using an FHA loan, where I can only put down about 5%. I would move into the new property and rent my primary. Then a couple of year from now, I could refinance other rentals and get to the 20% threshold to avoid the PMI going forward.

My questions are these:

+Can I still qualify for an FHA loan, although I already have multiple properties with conventional? I work and have steady income.

+Based on your own experiences, is my approach something you would recommend to get around cash issues? All my properties are breaking even. I recently refinanced them to take advantage of low interest rates and find the cash for my latest property I bought in March.

Any input appreciated.

Sincerely.