@Joe Facenda I don't have an agent as of yet and I think my situation may be unique.

@James Carlson If I could save 15-25% on a studio vs a 1 bed then I think it's worth it as long as the location is prime and there is something unique about the unit.

Miami, with its unique ecological situation, is in this category.Some cities have no raw land, so they must build up.

If you were to personally borrow from your 401k, you could not combine that money with an IRA on a project as that would be self-dealing.I'm not sure where/how you setup your IRA, but if the firm you are working with cannot easily navigate you through what I have described above (which unfortunately, may be the case), then you might want to look for an alternative provider.

The combination of your contributions to the Traditional and Roth IRA's cannot exceed $5,500 though.  

Not sure how much that would help you since a refi would combine your loans and then you'd be paying interest on the $45k loan, but it might lower your payment and interest rate and if it's low enough, you *might* be able to get a renter in there...Could you do a lease option - or Rent to own without violating the guidelines of the condo's rules?

This will more than likely present unique opportunities, but I do not yet have the real estate experience to confidently navigate and capitalize on such a situation (I have a few ideas though).With that being said, I've been researching the incredible world of real estate investing, and I am ready to take that first step, developing a strategy to enter the market.

@Alexander Ramos Getting to 80% LTV is going to be accomplished by a combination of two things: the equity pay down you mentioned and also force appreciation by raising rents.

I feel like I have a unique perspective of the industry being a contractor that caters to Investors.

Combined market value for the properties is around $190,000.