Your best current option to extract equity out of your investment property is to explore a HELOC as a 2nd lien on the property.

Ultimately, we are leaning towards a sale to extract the equity and invest in two properties outside of Denver. 

It is common for investment properties to be refinanced in less than 5 years to extract equity. 

This implies on long term holds, San Diego historically has produced far superior cash flow compared to the Ohio market (or at least until value is extracted via a refinance).Property 13: This is an under appreciated benefit for long term holds. 

We typically do BRRRR, but seldom can extract all of our cash out just based on the value add. 

Our BRRRRs all have infinite return due to investment being $0 (all investment extracted).  

In an appreciating market, refinancing your value added property might allow all original capital to be extracted.

This is more true because we have extracted all our investment out of all properties except for our last purchase.  

Not quite, because your downpayment is not compounding, it's still 20k even after years.That is the reason why it makes sense to extract equity via a refi and buy another asset.So in conclusion, yes, principal pay down alone is pretty good.

Even if you only extracted 10% LTV on each that woudl give you enough cash to buy 2 more properties.