Do I wait another year to save more, or do I look into a HELOC or a VA cash-out refinance? 

you may have to save up until you have enough money to do so - down payment, closing costs, reserves, etc.House Hacking: What Is It, How to Start, and Strategies for Successit's a more powerful way to get started. 

We’re fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

As a first step, I’ll print and read The Ultimate Beginner’s Guide to Real Estate Investing.

A hybrid approach could also work—perhaps using a HELOC for reserves while saving the stock portfolio and 401k loan as backup options for future opportunities.

Opt 1) utilizing our savings in the brokerage account and emergency fund and pay for it all up front. 

Definitely saved a lot of money.

Call it a dollar devaluation adjusted savings account. 

To maximize the sq/ft (and save cashola) and give it a more spacey feel, I’m doing open shelving instead of upper cabinets and the countertops will extend all the way to the near wall, fully covering the front load washer and dryer units, which also have their home in the kitchen.

Just save money and etc....This conversation is not for you.