. - Conventional purchase with 20% down using a HELOC: Current cashflow from the SF could cover a big portion of the HELOC payment, but this starts to feel risky from a cashflow and funds available for rehab.- Conventional and move there/rent out my primary: Certainly the best option, but a hard no from my S.O.'

There's a lot of value (even if a higher interest rate) to us finding a simple deal like this...We have great credit and solid income - I would think, for the right rate, there would be lenders out there jumping at the chance for these guaranteed returns - we'd even consider putting up the equity of the Texas home (and obviously the land itself) to secure some portion/all of the loan?

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A few years into that, and you will have a very convincing case to raise for your first moderately sized apartment purchase. 

We seek to use excess proceeds from refi as down payment to purchase another smaller size multi property.  

Within 2 years of this or during a tenant turover, you have to pay to have your walls tested for LPB lead based paint, no exemption on property size (ex:sfr or 500 unit) Unless it was built after 1978, certified free of LBP, SFR or duplex and rented under 6 months, and some other wacky exemption.  

Market rent in the area is around $1,800-$2,000, although working market rent out is hard as there's nothing of this size, or condition available in this pocket of the Columbus. 

Yes, currently there are new builds going for 30k off, with builder buying down points, and covering a portion of closing costs.

Of course, this strategy isn't one-size-fits-all, and I'm always open to learning more from others’ experiences.

It will take a long time to recoup the cost on a property this size.