Unfortunately, it doesn't work that way.

@Brandon Eike, on an investment property, most lenders will max out their loan at 75% LTV, which doesn't cover transaction costs, which are usually 5%-8% of the purchase price.

I know that doesn't answer your specific question, but hopefully it makes it a moot point.  

I hear all these stories of people retiring less than 5 years into it; that would be great but not a deal breaker if it doesn't happen that way.

That doesn't mean that you to spend loads of money, but just be self aware if you stink at design like me.Just curious - where is the property? 

If it's tight or you're uncomfortable with the tenant you have in there from a confidence perspective, especially if this is a first deal, maybe meet in the middle and get a lender at 75% or 77% (doesn't HAVE to be at 5% increments) that wont make you season, and leave a bit more money in the deal, but sleep better.Overall, if I cash flow well, have/keep reserves, and am comfortable I fixed everything in the house, I like to max out the LTV on refi.

Buying cash flowing notes is certainly a lot easier :) Well by the same token you can get awarded child support from a dead beat, doesn't mean you're getting any money out of it.  

Solid 2-4 unit properties are so scarce in these areas (~21 sales in last 12 mo between the 2), the market simply doesn't allow a buyer with a low downpayment to enjoy any "income" out of the gate.

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.

However, every company I find either doesn't insure non-owner occupied units or is extremely expensive.