Your next option would be 15% down payment on a duplex or 25% for 3-4 unit with a conventional mortgage for a primary residence. 

I'm wondering which is more beneficial: Refinancing using an FHA streamline loan for a lower interest rate or conventional to get rid of the PMI?

Hello all ,My wife and I are in the process of making a plan to invest in our 3rd property , we have our primary which we just bought with a conventional loan a couple weeks ago and we have our rental property which we put a tenant in just a few weeks ago also.We plan on using a equity loan from our rental to use as a down payment on #3 , my wife has brought up a solid point as how will the banks loan us a investment loan with debt to income ratio being a factor as if they will or won’t loan us the money.I would like to receive feedback as how others have done it and what strategies they’ve done.

With rates right now I was able to go conventional How did you add value to the deal?

I am looking for places now, although I must continue to save the 3-5% down for the conventional or FHA loan. 

*Desired outcome: Refinance into a conventional loan as soon as we can and begin looking for another house hack that we can purchase with an FHA loan.

If a lender is requiring you to have 2 years of rental income on tax returns, that is an additional requirement by that lender but it is not required by Fannie Mae for a conventional loan.

Would the same be true for a conventional loan?

If your building from ground up realize that unlike conventional multi family every bedroom has a bathroom.

You can run into issues with a conventional bank however there are 30 yr non qm loans available.