Cash out of a FHA multifamily loan?

[John Kim]

My wife purchased my first rental in 2016 with an FHA owner occupied loan at 5% down. The property is a 3 unit building. It was a short sale and I renovated my owners unit.

Purchase Price: $625,000

Current Loan Value:  $588,000

Appraisal Value:  $815,000

While we have to pay monthly FHA PMI, the interest rate is at 3%, so we don't really want to exit the loan.

• The loan is under her name
• She currently has no income since she quit her job
• Her credit score is very good
• My credit score is poor but income is pretty good

Can anyone suggest some methods on how she can cash out $100,000 for her next purchase?