Initially renting is likely cheaper, but when you purchase with a fixed rate loan most of your expenses are fixed cost.  

That means you are getting $730 rent, and the market rate is probably $1,200 or more.

Purchase price: $450,000 Cash invested: $5,000Purchased this home to live in, then rented it and moved out just over a year later, this is my second deal like this, according to Zillow I owe about what Zillow says its worth but I got it at a good rate, although it was at the peak of real estate right before everything dropped and rates started increasing.

Any pointers on how should I run numbers to compare two cases.Case 1:  Rent home A, Buy Home B @7.5%, with potential refinance at 3.5-4% ( ifff thats feasible ) after 2 years, once the rates are down. ( i know high hopes , but I dont think 7.5% is the new normal ).Case 2: Sell the home, get equity out, pay the whole equity ( dont know if thats wise ) towards downpayment of home B, reducing loan amount to approx 320k. 

Plus the house had an industrial tile drop ceiling - weird.

Your other criteria should address:Desired interest rate – What annualized rate are you realistically looking to earn?

It will be a search until lending and rates start to ease up. 

It was owned by the Detroit Land Bank.I assure you this isn't about an uneducated investor dropping $200,000 on a house that's like worth about $130k.

What appx rates would I be looking at for each and what are the pro-con's here?

I just feel like why would i spend $300/sqft.And thenn lets get to interest rates minimally its 7% good game.And when i see real estate sales they all dropping priceI dont want to be left holding the bag but tell me how do you do this?