In reality this strategy still works, but we are having to leave more of our own money in the deal because prices are high and/or rent won’t justify maxing the cash out refinance because interest rate is high.

If you have one high earner as a W-2 I would recommend the other switch to managing the Real Estate side of your wealth ASAP. 

The new design takes the home from a 3 bed, 2 bath to a 4 bed, 3 bath, 2,400 sq ft rambler on a large lot in highly desired area.

I think your correct though folks have to adjust to the new normal and the interest rates they are not coming down like folks hoped for I think we are in for a run of years were rates will be more like the 2000s  6 to 7% and Owner occ in the 5s with Maybe some high 4s. but by the time folks wait for that prices will rise in the better markets.

I went high on the expenses, which came to roughly over $20K. assuming 1 unit to be vacant per year (83.3% occupancy).

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You mentioned price, are you too high?

After high school, I pursued a career in the military, where I proudly served for seven years.

A lot of people negatively arbitrage their 30-year mortgage, after taxes, if they keep money in a high yield savings account instead of prepaying their mortgage, because the savings account pays 4.25%, and their mortgage rate is 3.75%.

When going for a HELOC, aim high on your home’s value — let the appraiser bring it down to what it's actually worth rather than underestimating it yourself.Cash is king.