FHA-->House Hack-->Cash-out Refi?

[Alexander Marsh]

I'm in the process of buying a house for 318k. Comps in the area tell me that this house is worth ~430k. It doesn't need any work and is coming at a great discount. I'm using an FHA loan with a nice rate of 3.75%, and of course will be living there as an owner occupant and renting out as well (house hacking).

I'm curious if it would be worth it to cash out refi into a conventional mortgage after 1 year in hopes to eliminate PMI and pull out money to pool with other resources for a down payment on a second property.

430k x .75 = 322.5k    this cash out refi would cover the original purchase price and an additional 4.5k to put towards the next property. (I'm assuming a 75% ltv cash-out refi)

1. given these assumptions, would deciding if this using this strategy is a good idea ultimately come down to whether or not I would be cash flow positive after the refi for the 318k house? 

2. with relatively limited resources, should I be concerned about debt-to-income ratio for getting lending for the next property? How will having a substantial amount of equity in an asset offset this

3. Would the increase in the loan amount mixed with the higher interest (likely 5 to 5.5%) increase the monthly payment more significantly than getting rid of the PMI would reduce it?