Refinance vs Hard Money

[Felix Piper]

I am almost ready to start the 3rd R in the BRRRR strategy. I bought a duplex and added an ADU that will soon be finished. I was living in one of the units during this time and plan to move out and rent the units. Here are some questions I have:

1) Is it better to refinance or to have hard money/private lenders put a 2nd lien on the property to serve as a down payment to be able to borrow 100% of my next project?

2) If I don't refinance, do I have to let my lender know I plan on renting the unit out? The original loan was an owner-occupied FHA loan.

3) I also plan to ask the lender to remove the mortgage insurance (FHA loan), since with the value add, I should have more than 20% equity. I have read different articles that state the insurance on FHA loans cannot be removed, but other articles that say you can remove it... obviously I'll find out when I call them, but curious what have been some experiences on this.

Thanks in advance for your help!