Refi After Home Improvements Shortly After Purchase

[Carlos Rodrigues]

Good evening y'all. I finally purchased my first two unit property last month here in Union County NJ. I got it for $274k and I'm putting $25k into it, completely renovating it. I was thinking if I'm able to refinance the property in such short time. I bought the property with FHA 10% down. As a agent I looked at the comps and I believe its worth in the near $350k's.

Lets say the property were to have $75k in equity do I still need to put down the other 10% to remove the MIP? Or would the equity over that?

Also would I be able to get a HELOC and purchase a second unit?

Thanks in advance, I'll be reaching out to my Lender sometime this weekend but I'd like to have an idea so I'm a bit more knowledgable.  Thank you kindly.