Can anyone advise on this or any other strategies to hold on to this property as a productive investment?

It is a very generic and poorly advised statement.

As I'm sure you've  begun to figure out, BP is a great place for information, resources, mentors, etc and I highly advise spending a lot of on here getting familiar with the site. 

I have been a party to 7 buy, rehab and hold transactions and advised others on many more.

The county I live in advised I’m required to have a business license but the type of real estate business I’m doing “requires a Contractors License” so they can’t issue me the business license because I don’t have my contractor’s license even though they are the ones requiring the business license to try to collect the ‘Return of Business Tangible Personal Property” A.

There's not enough info here to advise you on any one direction.

I was thinking of refinancing out of the FHA loan into an investment property loan and then getting another FHA to purchase another property and living in that for a year, but I'd love to hear other options and get some advice.Please advise me!!

Don't mix the two, it's like fire and gasoline, not good.If you decide to go MF, you would need to consult a contractor familiar with the city code enforcement folks to advise you on the costs for conversion.

Chris Lucas - Welcome to BiggerPockets.An LLC for your rentals is advised for asset protection.

@Jonna Weber - That's very good advise, I'll make a few changes to my original post.