New College Town vs. Established neighborhood

[Gabriel A. Benedetti]

I am very new the real estate investing game! However I have been listening to podcasts and studying the process for a about a year now. I feel confident enough now to take that next step! I am currently getting pre approved by a small local bank here in CA. I have talked to a real estate agent in the Sacramento, CA area in regards to a 4plex in Carmichael! He seems to be super nice and is actually spending time to email me other properties as well (all 4plexs). Need to feel this guy out a little more. But none the less  we are talking a $850,000 purchase price for this 4plex (the numbers do work). I will be using all of my funds for a 20% down payment. However, I do not want to purchase one property and have that be it for the year. With interest rates already being so low, I do not see a future for refinancing. How would I keep the process going? How could I pull money out of the property right away if it hasn't appreciated in value instantly? Is there a way to pull out the cash I put down originally for the purchase?   

With all those questions, its puts me in a position where I am thinking of just buying a much cheaper single family home in the area of Merced, CA. It’s a fairly new college town, and statistics say that a college doesn’t fully expand until after 20 years of being established. Merced has invested millions of dollars into their downtown area, just finishing a brand new movie theatre and entertainment hub. The only problem with this area is that the multifamily market is not as useful as the single family market is. I see a lot of potential in this area with a lot of gain, but for me to feel comfortable in this area I would go the route of single family rather than multifamily.I would prefer the 4plex in Carmichael, but that would deplete my funds and in my head that means ending my investing for a few years until I can save more to purchase something else.