Both are strategies, it just depends on what you’re looking for now versus what you’re looking for later.

Why are people going for $10M or more, which is at the point you'll have trouble spending it all. 2m isn't enough to retire on, depending on how old you are.

Just ensure the new loan doesn’t overextend your cash flow.The best move depends on your long-term goals—cash flow vs. equity growth vs. diversification.

I get mine from my banks at 7 to 9 depending on where prime is.

Actually fairly common, depending on what you're looking for property wise going forward. 

but, it's not going to be "profitable" for several years, depending on how you define profit.you'll have a down payment, then closing costs - which new investors always seem to be shocked by - then potentially some costs to get a property rent ready, then you'll pay a month's rent to get it listed and rented out, then you'll likely have some repairs after the tenant moves in.  

People really value a spa type of treatment and depending on where you are, it could make a real difference. 

Depending on the size and scope of the project, an architect may need to provide a more detailed set of plans to get the necessary permits.

Depending on the construction, you have to do major upgrades on electric, plan for plumbing for apartments which may not be permitted in the area for the sewer or septic.

I think it greatly depends on your strategy.