Thank you @Daria B. and @Eric Adobo , I think I will talk to legal to see what it takes.

@Jake Hutchins If you only said moving forward and have not signed a lease then I think you are under no legal obligation.

I found out, educated the seller, and the deal went south along with legal actions from both sides:)

@Shahriar Khan, You're absolutely right that creating two legal addresses would be beneficial to all. 

PROP 10 WILL STICK TAXPAYERS WITH LEGAL BILLS.

So the property was represented as legal duplex by the seller.

But, I need some coaching as far as financial strategy.I have an 800 credit score and no income (new RE agent) and my husband has a great W2 job but really poor credit due to some major credit card debt (long story).

If you were ok with taking on additional debt (loans your tenants would pay down for you over time), you could potentially leverage that 475k into 10 or more cash flow properties (though there are limits on how many loans you can carry at once).Of course, there's always a middle ground too: sell the condo, use some of the money to increase your DP on the new house and use the rest for investing.

Be Very careful adding a bunch of new debt to your projects. 

Has anyone tried applying to become a legal short term rental in Miami Beach?