There will be pros & cons with low-down payment programs (FHA, 5% down conventional, NACA) so you just want to pick the best fit for you.

@Carlos OlivaCash-out Refi:Pros:Fixed interest rate - providing stability in your paymentsLump sum payout - one-time lump sum, which can be beneficial if you have a specific investment or expense in mind.Lower interest rates - compared to HELOCs because they're first mortgagesCons:Closing costs - higher which can eat into your equityResets mortgage term - If you've already paid down a significant portion of principal.

Even if the tenant decides to stay it will become a problem down the road. 

I can't believe the automatic reply of ALL, not just @Tim Swierczek, would be to check the tax record for a why vs jumping down a rabbit-hole of weird assumption. 

We would be looking into rentals down the road as we gain capital to create and build passive income.

Personal for down payment and then bank financed.

I am looking to potentially purchase a condo/single family home to live in and refi down line in the Miami area.

Try to narrow down your options to the top 3-4.

Talk with the lender you are working with because you may need a second on the property to meet the gap of the money down and the purchase price ( you can do a second in this situation).

All of which drives down prices and forces good PMC's to cut corners to stay in business.