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And we plan to do a cash out refinance to get all of our invested cash back.

All areas can have different vibes as you put it. 

This would allow you to indefinitely defer all of the tax if you sold, and use the tax you would have had to pay, to purchase something nicer in an area with a greater growth potential.   

Both of us are pretty young so we don't have much capital at all.

While I am a lender, I personally use hard money on all of my own investment projects.

(Just giving an example of MF in a rural idea setting, not all programs require all tenants to work on a farm).

I have all of my *bare minimum* requirements listed on my listing so maybe funneling them to the showing asap and then getting them to fill out the application would be better?

It should only take you about a month or two to contact everyone on your list and then the tough part – you start all over again.

If you convert into your primary residence you still have to recapture all depreciation.