Wow! So much participation in responses, but no votes? Come on, give up some votes for this engaging question!
If you don't consider the tax advantages to real estate investing, you are really missing the boat, IMO. A home run BRRRR deal gives you cash like a wholesale deal, plus you get to keep the property, the equity and the whole barrel of other long term benefits. If you only spent 60% to purchase and rehab, then get 70% in cash out refi, you would get 10% (minus the cost of refi) as tax-free income (borrowed money is not taxable) and you can rinse and repeat. These are all nice even numbers just for the sake of illustration. I hope you get my point.
Look up the "net worth model" of tracking your investments. It is a concept covered in the book "The Millionaire Real Estate Investor," by Gary Keller. It's a method to keep track of what you are trying to accomplish as an investor. That will give you a much clearer picture of which is better, based on what your long term goal is.
