VA loans are the only loans that allow this, and there is no rate penalty for it no longer being your primary home.With that in mind, you could do a cash out refinance today at a higher rate than current market rates which will create profit on the loan, we can take that profit to pay for your closing costs.

As another poster mentioned rates are lower than they've been in the previous 18+ months but unless some very surprising economic data comes out between now and when you did your refi it seems unlikely that rates are going up in the short term and there is at least a decent chance that rates drop a little more before then. 

Census Bureau, over 61% of Americans have mortgages, with 60% of them locked into fixed 30-year rates below 4%.

Is it the last rental rate you charged, or is it the going rate in the area + 10%? 

If what we are feeling is accurate, the January data should show substantial increase in buyer demand.Jan 1, 2020 to Jan 1, 2025 InventoryWhile interest rates remain high, the demand from buyers is still strong.

Interest rates are NOT high right now.

I heard but don't know the veracity of this claim, However FLA suffers from a lot of fraudulent claims there by also causing rates to be higher.. 

Recapture typically happens only when you sell the property.If you use the property partly for personal use and partly as a rental in a given year, depreciation and other expenses must be prorated based on the number of days it was rented versus personal useBased on the current tax laws and regulations, once you've taken bonus depreciation on an asset, you cannot "capture" additional bonus depreciation on that same asset in future years, even if the rates increase.In the 2024 tax year, the rate for bonus depreciation is 60%.

We are planning to hold it for 5 years and bought a rate cap to cover the entire hold period. 

You also do not want to be too cheap and leave money on the table.If you do all of that you will be well on your way to being successful.