Rental income won't be a consideration right now unless it's a 2 to 4 unit property.  

However, this option is considerably more expensive, typically costing 5 to 15 times more than the alternative.

Thanks for the reply Jacob.Are there any special considerations to take into account when refinancing since the value of SF and MF are calculated differently?

The point I was hoping to get across is the lack of consideration that's placed on what happens when money is raised and property is purchased.

When getting a house under contract you have to provide valuable consideration which is Earnest Money, during your due diligence period you have to sell your rights to this contract to a buyer.

I'd check out Killeen/Harker Heights area. 

It is well suited to remain a fairly dmage free structure during any hurricane which is a huge cost consideration on island.The mansion has no exterior clapboard wood and requires much less maintenance than other woodedn victorian homes or modern beach houses in that respect.

I'm just wondering do prospective tenants even take into consideration garbage disposals?  

Lots of people getting duped on the STRs in 3rd ward; it's just wrong. 3rd and 5th ward seem to get the most attention, followed by Acres homes, but I don't invest in the slums.I bought a few houses in Houston in the heights, midtown-ish area, and the Lindale area.

Given your situation, here are some considerations and potential steps:If you plan to convert your current residence into a single-family rental (SFR), you may want to explore refinancing options.