Convert Primary Home into Investment Property

[Maurice Walker]

I recently moved out and leased my house in order to reduce my personal expenses so I can maximize the amount I can save to go towards my first real investment deal. The house is still on the original mortgage which is a 30yr fixed FHA loan.

My plan is to refinance into conventional loan to lower mortgage payments and increase the cashflow and then find a small MF to house hack with an FHA loan.

My question is, would it be best to use use some of my capital towards the refi to get an even lower mortgage on the current property for more cash flow or use it towards a new property so that mortgage can be as low as possible. 

Any advice would be greatly appreciated!