However, if you are getting started and looking to hustle to achieve FI, then I'd look for deals from other sources. 

Purchase price: $167,000 Cash invested: $18,416 Obtained this property under seller financing and planning to re-fi the property by the end of 2020.

Any one in central Texas have a bank or credit union you would recommend for a cash out re-fi? 

There are a lot of stories of people getting to FI in a few years.

One in NC and one in SC. I

You can buy a solid A/B Class SFR/multifamily with that cash and do an 80% re-fi out to take and invest in another property and start building your portfolio out that way, or you can split the cash and buy a few SFRs upfront.A lot of people do the cash/re-fi out method and love it!

There are hardcore Real Estate Investors that will only invest in Real Estate and hold cash reserves, and there is a substantial part of the FI (Financial Independence) community that advocates for Index Fund investing (a la J.L Collins' "Simple Path to Wealth").

When I was 100% travel at my job I plowed all my cash to turnkey rentals. 10 years later I am FI.

I have two single family rental properties paid off and I want to go bigger and get into multi-family and am wondering if doing a cash out re-fi is the best way to go for the down payment? 

In fact, we just had a bank appraisal for a re-fi that put it $115,000 higher than our purchase price.The bottom line is that any of the automated home valuation tools are no better than a VERY rough guess.