After several PCS moves and turning our once lived SFRs purchased with VA into now rentals, I wanted to accelerate the growth of my portfolio and look out of state.

Agreed but...if you accelerate for other defaults (Not payment default), you still have to wait 120 days.

Employment gains also accelerated in the Phoenix Metropolitan Statistical Area (MSA), rising from 3.0% in 2017 to 3.3% in 2018.

Development isn't my forte at all, but a new project starting now would scare me... esp with accelerated quant easing programs in place that will be lifted right around election season.

In theory however, cash out refi's for investment purposes are simply a way to accelerate your IRR deploying your capital at a higher Return on Equity.

All I'm saying is, the cash flow you're not valuing enough, is what can accelerate your control over areas and force appreciation where it currently lies stagnant.  

Ideally, forced appreciation is combined with market appreciation to accelerate the long term wealth building. 

Ive talked to the owner and he doesn't care much for the place and says hes willing to work with me on financing (possibly carrying the note at an accelerated interest rate for around 3-5 years).

Using leverage in commercial real estate is key to accelerating your financial goals.

This type of transfer can sometimes trigger an acceleration known as the Due on Sale Clause, which allows the lender to immediately call their note back (meaning you need to pay the entire note back within 30 days or transfer the property back into your own name.)