FHA loan if already have a Conventional loan?

[Kyle Belleville]

Hello Bigger Pockets community,

I am wanting to purchase a second home and begin my investment career.

I currently own a home under a 30 year conventional loan. I am in the process of refi the conventional loan for a lower rate. I had an appraisal done and the home currently sits on approximately 200k in equity. I have only lived here for about 1.5 years and put about 20k into the home. It would need another 50k to be complete on the remodel. 

My question is, can I keep this home and use it as a rental property and purchase a second home under the FHA terms.