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Anyone with experience in buying a 2nd investment property under FHA?

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Anyone with experience in buying a 2nd investment property under FHA?

I'm looking to buy a 2nd property, 2-4 units, with a FHA loan around next August. The place I have now is a duplex, I live in one unit and rent out the other unit.

 

Does anyone know how they factor in the rental income from the 1st property when buying a 2nd? I know the 75% rule - but will they count the rental income as income at all, or only on the new property that I purchase? Or does a certain amount of time need to pass? Also, the unit that I currently live in - will ideally be rented out, since it would be a new lease, would they also count that rental income, or would a certain amount of time need to pass for it to be vetted?

 

I also plan to refinance my current place into a convention Mortgage after the new year - will doing a refi on the current place so soon to when I want to buy a 2nd place create any sort of barrier to buying? Is there a certain amount of time I need to have between the 2 transactions?

 

Thanks in advance to any insights and advice you have - I want to be prepared as possible when I talk to my loan officer about buying. And don't want to mess up the timeline, if there needs to be a certain amount of time between the refi and new purchase. 

In the garden since 12/29/16

Starting Score: EQ 662 TU 685 EX 706 (MyFico 1/7/15)
Current Score: EQ 735 TU 724 EX 741 (MyFico 1/4/17)
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