I am military and one of my favorite methods is targeting fellow military members and buying the homes subject to the existing loan since many members move every 2-3 years and often don't have sufficient equity built up to really make selling the traditional way and paying agent fees worth it especially if they bought using a 0 down VA loan which is very common. 

Even if a lender is willing to lend on this, it's not a good position to be in as an investor.

This way I could slowly build equity in this property while I live there and do my daily job.

How did they know the property they would invest in would cash flow and/or build equity over the long run?

One can even say that’s $500 a month positive cash flow to you.

So you walk away with 25% equity/75% debt split on a property where the mortgage is being paid by a renter and there's a few hundred per month extra for your pocket.You now get to repeat the process again, it is called "rinse and repeat". 

Hi Sammy,Glad to see you taking steps in your real estate investing career, it helps to get reps in and learn.As for what you should do, your title states that you have "little equity", does that mean there is little equity in the Florida property or you have little available for another equity investment.I'd caution a refi with little equity, as stability in the early stages of your investment career is crucial to long-term success, try not to over extend yourself and potentially end up behind.Having access to investors and partners is the name of the game for scaling and limited funds, if you have access to investor capital, working with a wholesaler to acquire a flip may be a good option just be mindful of the risks of as-is properties and having investor capital at risk. 

To find investment possibilities, consider elements including property pricing, demand for rentals, vacancy rates, and economic trends.Think About Financing choices: Investigate your choices for financing a possible real estate purchase, such as FHA loans, conventional mortgages, home equity lines of credit, or other innovative financing techniques.

I have a primary residence in NJ that has equity, I have liquid cash around $50k, and my credit score is 740.

I know I can and should use that equity . . . so "what would you do?"