Purchased a property for 40k.. should I cash out refi?

[Victor Williams]

Hey everyone. Hope you are doing well. So I am in need of some advice on this day.

Info: Multi Family Property; 2x: 2 Bed 1 Bath. 1x studio. 1x 2 bed 2 Bath.

Current market value: ~90,000-100,000 ARV: 120,000-175,000(depends on who does the appraisal).

         Purchase price; $46000 USD. $6000 down payment. 500 per month. 5 year term balloon.

         Worst Case Scenario (hypothetical obv worst case is 0) rental income: $1200.

         Use: Hold long term as a rental property.

Question: Should I refinance and take cash out with an FHA 30 year mortgage(live in studio apt)?

Thank you for time, hope everything is well with you.