Strategy for first home for Investment Income

[Stephen Melley]

Hi everyone, 

I am in the Tampa Bay Florida area and I have a pretty unique situation that I am trying to navigate. Sorry if this is long winded just trying to include all details. 

About 5 years ago I went through a very expensive and difficult divorce. We both ended up filing for bankruptcy and it was discharged about 4 years ago. After that I worked very hard to rebuild credit and do all the right things. I rented for a couple years then was able to secure private mortgage financing for a home purchase. The obvious downside to this is the high interest rates. The good news is that I have my career has been going well(same employer for 21 years), I earn about $125,000/yr, and my credit is now around 720. I also have virtually no debt other than the mortgage. My plan was to refinance into a normal loan as soon as possible. 

 I am getting remarried next month to the person I've been with throughout most of this "rebuilding" process. She has never had a mortgage or home, has good income and great credit. We have talked alot about having some type of rental property, and we were trying to think of how to leverage her perks as a first time home buyer to help accomplish a second property. 

So we thought about options like refinance my current home... Have about $50k equity... Use to put down on new purchase for with her, we move there and rent out current home. Or just refinance and not pull cash out but have her and I apply for a low money down option for some type of income property.(we like the idea of condos by the beaches we live by for vacationers). We both have some 401k money we could utilize for down-payment possibly. 

Our goal is to be able to have a few streams of income coming in so that we can support a comfortable retirement. I am 37 and she is 34 so we are a ways out from retirement and are trying to just get started. 

Appreciate any input!