It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.

@Gregg HuttonIf I were starting over with limited resources, house hacking or the BRRRR strategy would likely be the best focus for long-term growth and cash flow.

Cash flow is a math problem. 

STRs and MTRs have higher cash flow than LTRs but they require more work. 

@Ko Kashiwagi My understanding is that one can still execute the BRRRR strategy and successfully cash out, but due to high interest rates, the rent may not cover the mortgage.

Purchase price: $149,500 Cash invested: $10,000 Duplex (3BR/2BTH and 2BR/1BTH) separate 1BR/1BTH ADU

So, there's more than one way to create more cash flow than refinancing:-). 

Purchase price: $420,000 Cash invested: $120,000 5 bedroom 2 bath property with pool, shed and playground in the backyard.

Purchase price: $73,000 Cash invested: $25,000 Current market rent $1295 vs $1300 for Section 8.

Then, if you’ll indulge me, I’d love to pitch an alternative idea that might align with your goals—especially since you’re 3+ hours away and planning to use a management company.The Good: Renting to college students can be a goldmine for cash flow.