so what does it mean when you have no equity left in your house?

my fiancee and I just put our house up for sale even tho the market is horrible, in az. Its completely re-done with stone floors and new everything…we have only the best in a average neighborhood, so we want to move to a betterneighborhood and a much bigger house. My fiancee put the equity we had in to his buisness… that bad? and we are selling it for much more than we owe, but he says we will need to rent a house for awhile, since we dont have the cash to buy a new one?
what are our options? should we just try to get out of our contract and stay till we have the money? i dont want to downgrade because seriously we have the best house on the block and we love it its just too small and the neighborhood sucks,

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