FHA multi family refi and appraisal?

[Chris Bluem]

Just purchased my first duplex fha house hack - super proud! Post and plans coming soon!

But I had some refinance questions, as I look to value add and drop my Mtg insurance.

How long do I have to wait before refi the FHA loan?

Is the appraised value based on cap rate or property value?

The property is more like a townhouse and it’s a very VERY nice neighborhood. Could it be beneficial to split the deed into two properties to try and get a higher appraised value?

Lastly, with any BRRRR, can I AirBNB the property to show as my rental income or does it actually have to be leased to get a refinance?

Thanks!