Generally lower than ordinary income taxes on sale depending on your tax bracket and holding period.Whether or not you are considered a Primary Residence vs.

.- My Resources / Constraints: I'm in a by no means unique, but perhaps less common situation for those getting started; I'm a somewhat senior software engineer at a tech megacorp and should be able to save a couple of down payments per year for lower priced houses (100-200 in my area), or perhaps one medium priced house (300-500).

Again PMI offers the lower rate because its less risky and offers insurance to the bank.So when you sell your current home try and keep as much as possible and avoid an "All Cash" offer.

When they do, expect much lower leverage.It sounds like you haven’t purchased the land yet.

Say, 3 month later, I decide to do a cash out refinance of the replacement property at 75% LTV because the rate is lower. 

Overall sale prices of homes are lower than most areas so that 100-200K can be multiple down payment on investment properties.

In most Ohio markets, investors can achieve solid cashflow with much lower initial capital investment.

They're working class or in lower income areas. 

.- get into real estate with a lower rate and lesser percentage down payment.

Say, 3 month later, I decide to do a cash out refinance of the replacement property at 75% LTV because the rate is lower.