Refinancing owner occupied property

[Remone R.]

So I have a 4 unit property that me and my fiancée have lived in for a year. Our plan is to refinance our fha loan into a conventional w/cash out loan. We are trying to waiting until early spring for the comps in our area to rise in turn giving a better appraisal. Our sole purpose in taking equity out is to invest in a second property (brrrr method) so if we aren’t able to get a good appraisal and enough equity to cash out, would it be better to just do a refinance and take whatever equity we can get to put toward another property or do a refi then take out a HELOC at a possible 80% ltv? Kind of at a roadblock on what we should do. We want to get rid of the pmi insurance and take out some equity. Any suggestions are welcomed. Thanks