Classic path of progress stuff in a close-ish market.The other option ( which could be very unpopular) is to sell both and preserve the down payment funds. 

I'm sure you have heard about FHA loans, they are great for house hacking, and you can get a better understanding of your next steps by hearing their recommended options as well.

well if you're interested in speaking about the furnished rental option, let me know!

If you have bad credit an FHA 3.5% down loan can be a good option.

In FL, you may not have options on the Wind.  

If you want to learn more about this product option feel free to reach out. 

We are exploring all options and researching what we think the next move should be.

thx experts There are certainly a lot of factors that go into the decision - keep in mind to there are multiple options with no prepayment penalty, so while there will be costs associated with the refinance - a no-prepay-penalty loan to purchase (at low leverage) can make a lot of sense as you can refinance later when rates inevitably come down, but don't have to time/guess when that is

But you always have the option of chaning it or doing it yourself. 

I am from North NJ so very expensive locally and not sure what type of investment to get into out of all the options.