However, I'm also weighing the pros and cons of possibly refinancing later if rates decrease.What are your thoughts?

If you do that sooner rather than later, you may even be able to use that to partially or fully fund your next down payment as well. 

Short-term sacrifices and delaying gratification will bring you abundance later in life.Definitely take advantage of your first-time home buying benefits and consider house hacking a duplex or 4-plex.

As much as it hurts to sell off your furnishings you would recoup at least some of your sunk costs if you just sold it off and then could replace it later if needed.

Just be very clear that this tenant is paying for the electricity, so that they can not sue you later over that issue. 

What if that is 3-6-9-12 months later (although I would assume it has to be within the same calendar year for tax reporting purposes)? 

If both felonies were in the 90's, then the problem youth thing makes sense, but he is a repeat offender twenty years later.

They're designed for owner occupants but could be something in which you occupied for a duration of time and then converted to a pure investment later. 

An incomplete collateral file will haunt you later if you try to sell the note.

I also did a cash out refi on my primary a couple years later to use the cash and buy 3 more houses.