Should I refinance out of an FHA to eliminate PMI (which would save ~$500/month) or get a HELOC so I can use that capital to invest.

Purchasing more properties using cheap fixed debt as a hedge against inflation and a way to gain more depreciable basis.3.

House hacking would have a number of benefits in your situation such as:* The ability to pickup multiple units on one shot with a lower down payment* You will lower or even eliminate that $2100/mo rent you are currently paying * You will gain valuable experience in property management without having to do it at a distanceIf you are going to continue to rent for the next few years, its a no brainer.

Allen,If you are having a DTI issue but have 30% to put down look at a Debt servicing loan. 

You CAN use rental income from an investment property being purchased to reduce your debt to income ratio..if the property already has a tenant you can use the existing lease.

My understanding is that even though there is a moratorium, the tenants are still liable for the debt.

BRRRR is the most efficient way to start/grow a small portfolio, but impatience expressed financially is debt, so you can't be shy about racking up mortgages.Once you get going with BRRRR you will get to a point fairly rapidly where your personal income streams that exist now could not cover your debt service payments for your investment properties and how far past that point you are willing to go will determine your growth potential.

They will also understand the higher debt to income ratio due to school loans.

This number is NOI (net operating income) after debt service.

You want to keep (roughly) the same amount of debt and just swap that out for new debt at better terms.