It’s also worth considering a multi-family property for your first deal since it can help with cash flow.

Showing a property while it’s occupied is almost never positive.

It's more important than doing individual property analysis, because when you do a proper market analysis, you are analyzing ALL of the properties in any market(s) at the same time.Now, one of the analysis "pitfalls" is not understanding what defines a market, or more importantly, a Micro-market.Another problem is focusing on one strategy, and trying to fit each market/property. 

Some state regulate what happens to a security deposit when a property transfers.

If you cash out equity in a property, you are "borrowing" that money from the lender.

On the journey, I once sold properties that were 30 minutes away as being too far, and also managed some properties that were 200 miles away. 

If you prefer to maintain privacy and don’t want your tenants to know you are the property owner, I often recommend a two-entity strategy.

Why borrow against an investment property at a higher rate than you can against your primary?

My issue is properties have appreciated a lot since the last one.

We also have relatively low expenses (personal expenses, mortgage/escrow on other rental property, and escrow on current property) that are around ~$120k/year.