I think I can accept this because in the long run I get equity due to loan paydown, and any appreciation is icing on the cake.

I live in Whittier but work in Anaheim.

It sounds like a hard line to take, but it is not easy cake for people who have capital and know what they're doing, much less those who haven't done any properties and don't have any money. 

I'll gladly take ~4.7% as icing on the cake for a few mouse clicks.

Rent increase and future appreciation is just icing on the cake. 

I don't know the areas in your options 1-4, but I would do whatever options align best with your lifestyle and cashflow goals. i only care about cash flow, the rest are just icing on the cake. i know i wont cash flow once i live in the property with 5% down but i would like to after moving out. i live in north jersey, taxes here avrg 10k per 2 unit in the worst areas. i am trying to find a way in my current shoes to make a good play with what i have. i understand the loan paydown and appreciation etc, but most of that is speculation. im not sure what would work out best which is why im asking to see if maybe i am missing something here 

Classic case of wanting to have the cake and eat it too.

Any positive cash flow is icing on the cake with all these other benefits.

I’ve been told the same by lenders saying you can’t get a heloc on an investment property and searched on here myself.Have your cake and eat it too. 

It is hard to explain.Let me give you an example.Imagine you are baking a cake.