$50k with 620-659 score out of state rental questions

[Basem Isaac]

Hi BiggerPockets awesome people.

I need your opinion about my first deal.

Looking to invest in an out of state rental property in FL

With $50k available cash and an average credit score (620-659).

Applying for a mortgage loan got me around 8.5% interest rate.

So I thought I would just use the $50k to buy a small move-in ready condo that wouldn’t need upgrades and without any loans (all cash).

I found a 1bd 1br unit with HOA of $260/month, that I can rent out for about $800/month.

My question is, can I then apply for a mortgage loan using that condo as a collateral asset? And would it be with a lower interest rate than the 8.5%?

Or is there a whole better way to start in my case?

Thank you