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2 advantages with living in the IP first 1. You can fix it up a bit, and 2. You could later decide to claim this as the main residence and rely on the 6 year rule to keep it exempt from CGT for a while. This property may end up with greater gains than the other.

Option A Borrow deposit and costs for IP in a separate split from the reno part. Deposit and costs loan should be fully deductible, or interest part of it, if set up right. Don't mix these loans. Option B You have plenty of equity so why waste money on LMI and deposits - this may cost you...