However, a lot of people are in your situation and the numbers just aren't thing no matter what way they try and spin them.

In running the numbers, a cash-out refi seems to be spinning my wheels as then I'd be near break-even on cashflow for this property and would still be shy of the downpayment I'd like to have for another investment (like a small multi). 

That is like walking up to a roulette wheel that has hit red five times in a row and saying that means the next spin is black.

Wouldn't say it's unethical either - but depends on how you spin it.

My head is spinning on the next step. 6 years ago I bought a 3 family.

My personal philosophy is that you are spinning your wheels by being an investor and a tenant at the same time. 

From that one initial blunder of paying my mortgage twice, at the very least you now have one more tool you can use if you want to give yourself an additional layer of security in case something comes up you’d like to fortify against—or maybe just drop everything you’re doing and go live out a couple of those unrealized dreams spinning around inside your head.

I bet someone else has had the same idea but implementing is the key and your unique spin on it makes it your own even if someone else ran with the same idea.

With private lenders, there are no "set" terms, so you can negotiate until your head spins.

That last day before close (and several days after) had my head spinning.