I'm actually refinancing my primary residence, which I bought with an FHA loan, so I can purchase another property with another FHA loan. 

Hey @Daniel Dietz Actually I have heard of the Self Directed IRA but other than that small nugget (you can invest that money in real estate) I really have no idea how it works. 

I spoke with another lender and they informed me that you can actually use potential market rent from the other two units to boost the applicant's income.

@Darrell Braxton sorry I didn't catch this post sooner but I actually wrote an entire post on this very subject and how to properly structure the deal. 

GENERAL INFOThe property is:1) Out of state2) A single family buy and hold rental3) In good condition4) Occupied by a tenant5) My first investment propertyThe quotes are from:1) An insurance broker in my home state (CA) who typically uses Safeco2) An insurance broker in the property’s state (Ohio) who quoted Berkshire Hathaway Guard3) One of the big name insurance companies, located in the property’s state (Ohio)Any questions (replacement cost vs actual cash value, etc) I should be aware of and asking?

@Nathan G. and @Mindy JensenI have actually asked the same thing.

The balance would actually be $180k broken down and was/will be used for the following:25k - down payment on previous rental acquisition25k - refurbish our home - already spent50k - consumer debt (both cars and $15k in CC debt)80k - new primary residence down payment We'd actually cash flow $1,000 more a month with consolidating debt.Is interest only HELOC worth it?

This issue came up because I actually may have a pre-buyer for the house (although I'm not banking on it). 

Actually have spoken with your partner @erin spradlin about investing in Co Springs as well.

If you do not intend to move back your best option would actually be to sell if you want to invest the equity.