But first....Why not try to squeeze a little more juice and give yourself some runway to find the perfect next property like @Hai Loc is saying??

Independent mortgage brokers stomp guts on "slow" and "hard to close" VA loans, bankers and direct lenders almost all really REALLY suck at them, **or** (& maybe even worse) are good at them operationally, but have the margins juiced up (we're talking 3x and 5x the normal standard profit margin for a conventional loan and for bankers and direct lenders this is lawful) such that they're taking advantage of our fellow veterans and have trash rates (for a VA loan).

The monthly rent would not justify the purchase price of $210K if you weren't going to (1) live in it for a while and (2) juice the rent via the rehab. 

Pueblo County attractions include: Pueblo Reservoir, The Arkansas River Walk, Colorado State Fair, University of Colorado - Pueblo Campus, Hiking, Fishing, Camping, Mountain Views and is surrounded by fruit and vegetable farms -a great place to invest. 

Between the laundry and created off street parking I usually juice the rent 150 per month per unit.

All this strategizing on how to allocate taxable income to one individual in a bona fide manner...the juice may not be worth the squeeze...

Screw the rate and points, juice that rate up, take the negative discount points to cover part/all of your closing costs on the purchase, so that after the refinance is done you will have only paid a single set of closing costs (or a single set and change, but not 2 full sets).Did it when I bought my personal house.

Looking at the MLS and driving for dollars seem like low hanging fruit, but beyond that - what would you do?

LeeHi Lee,For some investors (with a buy and hold mentality) the cycle issue is handled by increasing the down payment (decreasing the loan amount) to (hope to) be able to ride out the cycle's possible rent drops and vacancy increases and still hold onto the property.Very strategically chosen assets, bought by someone who can handle possible negative cash flow or possible needed large cash injections until the cycle perks up limits (some of) the risk of this type of purchase.Probably easier fruit to pick.Both a fruit and coffee reference were worked into this, because if you mishandle it, or miscalculate it that's all you might be living on; green apples and coffee.Good Luck!

You're entirely correct - 3/4 units will be the most fruitful investments because you have economies of scale and you tend to have larger units increasing your rental rate significantly.