If you want to scale quicker finds the deals and partner up with folks with more money.

@Chris StevenYou will learn more, quicker doing a few fix and flips.

But cash on cash does play a purpose, plus it’s an easier and quicker way to analyze something initially.

Currently I live in Hawaii, but once I graduate we are looking to move back to either CA or OR; depending on where our careers take us.I would like to build some passive cash-flow and am open to out of state investing (lower cost, quicker gains/retuns?).

I can afford the single family much quicker, but don't want to delay growing my portfolio (granted I still would with a 3rd SFR) just to move into a larger house i don't necessarily need right now.

The payback amount is 1.5% of the loan amount / month which is higher than a principle residence but in the end it forces me to pay down the principle faster...makes cash flow more tight but allows the HELOC money to be put back in use quicker. 

Solo 401k plans are often quicker to setup and cost less money over time especially compared to most IRA LLCs.

The big difference would be, with $20MM of cash in hand you will have people fighting for your attention and you will get more deals sent your way quicker than if everyone thought you were a tire-kicker.

Wood is just cheaper and quicker for residential.

I own a few other 4plexes in Los Angeles and it is actually quicker to get to Bakersfield than L.A...