The particulars of a project, whether fix & flip (cash now), fix & hold (cash flow), rehab & reboot (cash out), is only one of many ways lenders decide whether to invest or not.

I know I can't have it all but looking for a stable appreciating with some cash flow and a turnkey SFH.

a lot of people will poo poo this, but I also live in a market where cash flow is low, property taxes are high and properties are expensive (which is a relative term).

Would probably be better that I buy from a builder, I just find it less appealing buying at retail when I'm looking for cash flow...I'm spoiled from having a $1000+ cash flowing property already, so if I'm not hitting that number, it's not going to work for me.

Sadly, it seems that cash flow on long term rentals with 20% down just does not exist in most desirable locations.

You'll want to make sure it cash flows each month.

If it's worth $1.3 million today, it will be worth $3 million or more in 20 years, you'll have paid off the debt (or most of it), you'll earn at least $3 million in cash flow over those 20 years, and you'll have tax benefits.

It's the cash you put in that's your cost for the property. 

A cash-out refi could allow you to set aside some funds as a reserve or at least pay down your debts so that your lines of credit (credit cards etc) can act as your emergency reserve when more bad things happen. 

You are hopefully getting good cash flow, appreciation, mortgage paydown and tax benefits.