Investment Residence Condo Need Financing advice in Florida

[Able Waller]

Help! Bought a condo a month ago in FL ffor $50k....it currently sells for around $100k. A. Friend loaned me the $ on high interest loan which believe it or not is still being negotiated - very good friend - but it'll be something like %10 I/O 1 yr balloon). It's currently rented by good, responsible paying tenant at market for $1,000 month and they'd like to stay for another year, but will take 6 months. My concern is that trying to refi (to pay my friend back and catch a lower montly payment and ideally also a pocketfull of $ to use for further investments) will be impossible or very difficult unless I establish occupancy asap. I have options (can stay in another unit for half-price, etc.) and I am having trouble thinking through this scenario - very new to the business. I've been told - with my terrible credit - that even with a cosigner financing won't happen on an investment property (unless maybe terrible terms). . . any suggestions / ideas / creative solutions are deeply welcomed. Thanks in advance!