You received some good advice here, however, in the event you elect to do an FHA cash out refi, you will receive your MIP credit applied to your new loan to keep your loan costs down.
Also, please note that if you are looking to purchase an investment property, you will need a minimum down payment of 20% for a one-unit property.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner