Another option you might consider instead of the FHA loan is a 5% down conventional with up front seller paid mortgage insurance.

@Twee NgYup, you can't get a cash-out refi conventional mortgage if you have 5+ loans.

Lots of inventory there to work with.

A couple of the properties with the most potential are not eligible for a conventional loan because the properties are not "move-in ready".

Vegas has a lot of inventory comparing to Fresno.

Some who have 10 mortgages already seek out private or hard money lending because the conventional banks will lend up to 10 (Fannie / Freddie).Recently I learned myself about the conventional loans and maximums as I already have 2 Fannie mortgages and am looking to buy another 2 other properties in the next two years.

Inventory in Grand Rapids sells fast.If you have any questions feel free to contact me. 

As for me, I'm looking to hone my marketing skills to find motivated sellers, allowing me to buy properties at 55% ARV, once under contract I intent to rehab the property and get it tenanted, shortly thereafter refinance the property with conventional financing until I am tapped out.  

I was looking to refi out of my FHA to Wells Fargo conventional.

Those early years I mentioned, they consisted of time spent seeking conventional financing as well as any landlord who may consider 'seller financing' to two brothers still wet behind the ears.