Example: you can option to have a fireplace with two windows on either side.

As you get to this point your gaining more confidence in the options because you know option A and B had a certain outcome that wasn't option C, and this would give you more confidence you're doing the right thing for you.From there, I would be identifying properties to acquire if you don't already have some in mind and then my next sheet is creating the plan.

Cleveland almost seems like the best option because of the affordability and rental demand, but worries me due to the high property taxes and lack of population and economic growth.

Believe it or not, these things actually impact all parts of the housing market, not just the new home sector.Again, to truly weigh the options in front of you, I would suggest having a Realtor do an evaluation for you, and give you a pro/con rundown of each option. 

While I’ve considered cash-out refinancing or HELOCs, the high rates make these options less appealing.I’m debating between using cash to acquire more SFRs or diversifying into mixed-use retail properties.

One option could be using the equity in your business rather than cashing out entirely.

Homewrite is seems like it could be a good option.

The advice I would give as a lender are these few options if you both are on mortgage.

Right now I'm considering refinance options to pull out some equity.

Make sure you get into a property than can support both options.