Need advice on financing for 2 completed new builds

[Dee Bowers]

I have done 2 tear downs and new builds in Phoenix/Scottsdale. I financed both deals with hard money. I did 1 deal which finished last summer. I got an offer right away and went into escrow.  On the 29th day of a 30 day escrow the buyer backed out of first house. Long story short the listing went stale and I had to pay off my hard money loan which I did with my own cash. That house is still unsold and I own it with no debt. 

After going into escrow I bought the land for my next deal and set that process in place. That house just finished and has been on the market about a week. Having some traction but nothing of substance so far. I have a hard money with a 10% monthly interest payment. 

I am not very versed on financing options so my question is what should I do to save the most money. Should I refinance the first house to pay off the hard money loan. Should I try to rent the first house to cover most of the interest payment. The high end rental market is not that great in PHX but something is better than nothing I guess. Any creative strategies that people could share? Any advice is appreciated. Thanks.