I know you're not keen on refinancing since you don't want to lose your current rate and you're likely not at the 80% LTV mark, but this path would free up your options and enable you to acquire another multi-family home sooner than saving up 15% down for HomeReady.Also, your current FHA rate of 3.750% will come with life of loan mortgage insurance of .850%. 

Hi all,I am new to investing and currently saving up for my first investment property.

Once you know the costs of renovations you'll save money and a headache in the end.

I know the variable expense money is being saved for a reserve.

Appreciation, loan pay down (i.e. amortization), and tax savings via depreciation are all gravy on the biscuit where I live.

I almost won a deal I wasn't even in the same ballpark as numerically, but my responsiveness and willingness kept me in the conversation long enough to get a sincere "thank you" which I don't underrate,I can't argue with saving money, I encourage it!

If you find a home in the Midwest that is cheap enough for you to save 20% for a down payment instead of 3.5% you could get a conventional loan and not have to wait. 

Went from Checking to savings to checking and out.

I have money saved up that I was intending to put towards a down payment...that I'm now sitting on.

and skip the lawyer...save your money for the rehab!!