After a year of living there, you can refinance into a conventional owner-occupied loan (they might require 20% equity but ask around) and use the FHA loan for your next purchase.  

I have two properties in the Portland, Oregon area that are both financed with conventional loans.

You have asked a lot of questions that with some digging through the search bar you will find have been covered many times.1) Talk to a lender when you're closer to your buy timeline and they will outline the different financing options ranging from 3.5%+ down FHA to 5%+ conventional financing and the pro/cons of each.

We switched from conventional loans to DSCR mortgages, where the lender looks at the property and its production of rental income. 

At that point, you may as well do a conventional loan and avoid the PMI. 

The builder could give you “upgrades” but the cash back is limited by conventional loan requirements.

Hey Greg, not knowing too much about the property, but in general a 2 unit would qualify for a conventional fannie freddie loan. 

@Julie Toh Maybe the reason for the confusion in the poster’s mind....in the US, you can eliminate PMI automatically on a conventional after the equity exceeds 20%, when other conditions are met, without having to refinance.

I'd also look into a HELOC.Investment property 4 unit with 70% LTV cash out and 740+ credit can get you a convention loan for 3.375% at ZERO points APR 3.483%. 

(we’re being conservative @ $1200 for analysis purposes)Refinance to 30-year conventional after 6-months of tenant occupation (our conventional lender tells us they require the 6-month duration)      - Pending fed action / outlook, we’re using for analysis purposes 1-point and 4.5% for a ~18-month out                  forecast on conventional refinance investment property rates.