cash out refinance? FHA converted to conventional? good idea?

[Dan Gongora]

Good morning everyone! I currently own a 2 unit property which I purchased on August 2014 with an FHA loan as owner occupied. I want to purchase my next property with as little down payment as possible but as you all may know, a person can only have one FHA loan under their name. My plan is to cash out refinance my current property and convert to a conventional loan. The goal is to get enough cash to fund my next property's down payment while keeping my current mortgage payment as similar as possible to my current mortgage payment in order to continue to cash flow. With this strategy, I'm hoping to be able to purchase the next property with an FHA loan with 5% or less down payment "since I would no longer have an FHA under my name, it would now be conventional" and use the cash from the cash out refinance as a down payment for the next property. Does this strategy seem feasible? How much closing costs can i estimate having?

Current property:

asking price 90k

purchase price 85K

loan amount 80k

loan balance 78K

market value as of June 2015 100k

current zestimate 115k

Does this seem like a good idea?