I'm very new to investing and weighing which options would benefit me the most.Option 1:  Use the cash as down payment on another primary residence and rent out the current.

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

I have pretty good w2 income so it’s just a matter of sometime before I have cash to buy another.

"Cash flow," he says, "with no phone calls from tenants!"

If a project is profitable, wouldn’t you rather have some cash flow rather than none?

The cash payments at locations around the city was a great feature, but there is many errors and apparently RentVine is doing this manually.  

I’m considering doing a cash-out refinance, not sure what the best options is , to use the rental property or the rehab property.

These can provide good cash flow and are easier to manage than larger commercial properties, especially when you're just starting out.Also, when I was starting, I found local meetups super helpful.

I think it is fair to say that there is somewhat of a tradeoff between markets that provide positive cash flow on day one and relatively high appreciation-based markets.

It will be very difficult to cash flow in Austin using traditional LTR methods unless you put down a huge down payment.