I have begun to look for a new primary for myself but have decided that if possible, I would like to build rather than buy. 

Congrats on your pre-approval and your plan to make Florida your primary residence while leveraging house hacking or short-term rentals (STRs).

If the home was still your primary residence throughout 2024 and not actively listed for rent, it would typically remain classified as a personal residence until the lease began.

I currently live in it as my primary residence but had plans to eventually rent it out and then cash out refi once I reach 20% equity in the property.

The rule is based on if it's "within the primary dwelling unit" of the taxpayer or not. 

Both of these allow you to low down payment loans to buy a primary residence with fixed interest rates.

Investment property (not primary residence) It's the industry standard if you're not going to live there.

Great question - goal is to eventually rent out both units to total $3400/mo - it would be closer to $2000/mo for the one unit until repairs are done and my lender is ok with it no longer being my primary residence. 

Unlike HELOCs on a primary residence, investment property HELOCs tend to have higher interest rates, stricter terms, and the risk of being frozen or called due by the lender.

So, if interest rates are a buyer’s primary roadblock, then I recommend negotiating a rate buydown at a seller’s expense or looking at new construction, where builders are offering rate reductions and other substantial incentives.What if I’m a seller?