I can take another mortgage on my primary home to then afford the purchase of a second/retirement home in Florida.

that would prevent me from having to take out the money from my equities/crypto/401K accounts.

does this make sense?

or does it make more sense to wait another 2/3 years and just save up cash again?

I have debated this as well when it comes to using the refinance to purchase another rental property. I ultimately did not proceed but financially it makes since. I feel that generally puting the money into investments and letting it compound is better than taking a higher loan on a rental property or paying cash. As long as you can get a good rate I think it is a better option (assuming your source of income is stable & you can pay the loan off).

the second home would be to rent out until I semi-retire in a few years and even then I would rent it out every once in awhile when I travel.

so hopefully I would be able to rent it for more than the mortgage/costs of the property and have another income stream.

Interest rates are on the rise but still historically very low. So, as far as taking out cash to use to buy another home would depend on what you current rate is and what you expect to return on your current investments and the taxes you would pay to liquidate the funds. It can make a lot of sense but it depends on your individual situation.

this isn't really for an investment although I will be renting it out

it's where I want to live in a few years when I early retire in my 50s (Daytona Beach/Cocoa Beach)

so my thought is why wait another 3-4 years when prices will be MUCH HIGHER rather then doing it now and gaining that equity?