@Patrick Fanning, I have a few ideas but some of them aren't very feasible to do while the unit is occupied. 1.

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. 

I just need to know if it's a bad idea to hold onto your house if the rent will only cover mortgage or possibly be lower than your mortgage cost. 

The owner will have to clean up and board it up.Even better, I like the idea to buy it!

It seems like "most" lenders (at least the ones I've talked to) don't like the idea of rent-by-the room on a primary ... so they can't count my income on that particular property and they are requiring a 1 year lease on the whole house instead of multiple mid-term leases ... so essentially they want a long term lease.

Getting in contact with local property managers can help give you an idea of what kind of rents to expect based on the property and location.

I like your idea of short term rentals as I'd love to buy a place that I can use from time to time while having the mortgage covered with the rental income. 

@Michael LipariIf I allowed taxes to drive my business decisions, I would have seconded the idea proposed by @Alex Olson and @Corby Goade.

My wife and I are tossing around the idea of selling our current home and buying a duplex, moving into the vacant side so we can purchase with less money down and begin our investment journey.here are the details:Sale Price: $250,000both sides are 3 bed 2 bath with one car garagethe listing says the occupied side rents for $1,100location i would classify as high C low B, mainly because everything around is rentals.2853 Hemlock Ct Cape Girardeau MOThoughts, Advice would be greatly appreciated!

Hi Michael, If you are looking at a bridge for a fix and flip (either to BRRRR or to flip), typically HML will want to see purchase price, your track record, your credit score, your reserves, your SOW and an idea of your exit plan and ARV.